Town North Bank, a credit union-owned bank, has sold its card processing division to Fifth Third Card Processing.

"We made this purchase for growth and want to position ourselves for growth not cost cutting," Royal Cole, president of Fifth Third's financial institution division, stated. He also said that the purchase will not lead to layoffs of TNB employees. TNB Card Solutions will eventually be re-branded as Fifth Third Card Processing Solutions.

The sale of TNB Card Services closed on July 6 but was not announced until today. The price of the transaction was not disclosed.

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

  • Critical 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 and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.