After almost 35 years processing credit union credit card transactions, Town North Bank has sold off its last stake in card processing. The credit union-owned bank sold its card processing division, TNB Card Services, to Fifth Third Processing Solutions.
The sale, the terms of which were not disclosed, closed on July 6. But a source involved in the initial stage of the sale process reported that early price quotes ranged from $30 million to $60 million.
"We decided pretty early on that it was too rich for us," commented the source, who declined to speak on the record, citing a lack of knowledge about the final price. "It definitely seemed like a strategic purchase, rather than merely a financial one."
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