Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TMG Financial Services made its first after tax profit from its purchased card portfolio, according to a letter the CUSO sent to investing credit unions.

“Our $18,274 net income after tax was ahead of our projection for profitability in August and demonstrates that we have achieved the scale necessary to be profitable on an ongoing basis,” TMG Financial CEO Jeff Russell wrote in the April 28 letter. “The real story of our profitability was strong income from the portfolio, control of operating expenses and a stable contribution to our allowance for loan loss as charge-offs were lower than expected for March.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.