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.
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