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.
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