The $955 million Town North Bank reached the brink of undercapitalization when it sold its card processing business to Fifth Third Processing Solutions on July 6 for an undisclosed price. And the institution's credit union owners may still face a call for additional capital to support it going forward, according to bank analysts asked to review the
bank's Call Reports in the wake of the sale.
Town North sold TNB Card Services to Fifth Third Processing Solutions, a card processing company owned by a private equity firm and Fifth Third Bank. Credit unions formed a CUSO to purchase the bank in 1974 and have owned and run it ever since.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
