DALLAS -- TNB Card Services, the card processing and purchasingarm of credit union-owned Town North Bank, continues to purchasecredit union card portfolios over $10 million. The firm announcedthe purchase of the card portfolio from the $177 million FAAEastern Regional Federal Credit Union, headquartered in Clark,N.J.
|The credit union has branches in four states and has 22,000members. At the time of the sale, the CU's 6,000-card program had apenetration of 27%.
|"We were impressed with TNB's approach and understanding of thecredit union system, as well as their experience and knowledge ofthe credit card market," said Paul Perez, vice president of lendingfor FAA Eastern Region Federal Credit Union. "We sold our portfolioin order to grow it. With TNB we are confident that we will now beable to offer a stronger card product to our members."
|Perez added that the CU had at first planned to keep theportfolio, but changed its position when they came to believe TNBcould manage it better. "Even if we added staff and invested, wewouldn't have the knowledge that TNB has about growing theportfolio effectively," Perez added.
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