DALLAS — The $330 million Island Federal Credit Union, headquartered in Hauppauge, New York, has sold its credit card portfolio to TNB Card Services, the card portfolio servicing and purchasing arm of credit union owned Town North Bank.
The CU moved from serving most the employees of the KeySpan Energy Firm to having a community charter to serve the residents of most of Nassau and Suffolk counties on Long Island, TNB said.
The CU noted TNB as being credit union owned as an important factor, TNB added.
The purchase brings TNB $8 million in outstanding balances and 5,300 card accounts.
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