TNB Picks Up Three Credit Union Client Card Portfolios

DALLAS – TNB Card Services has continued to pick up credit card portfolios from among the credit unions that are already TNB card processing clients. The company, which is the card arm of credit union owned Town North Bank, announced the purchase of three credit card portfolios from three of its credit union card processing clients. The three are the $68 million Rio Grand Credit Union, headquartered in Albuquerque, New Mexico, the $122 million 1st Community FCU headquartered in San Angelo, Texas, and the $45 million Corps of Engineers FCU headquartered in Fort Worth, Texas. Rio Grand’s portfolio was valued at $1.4 million in June of 2004, 1st Community’s at $6.5 million in September of 2004, and the Corps of Engineers at less than $1 million in September of 2004. “One thing in common with these credit unions is the high level of trust they have in TNB because of our long affiliation with each of them,” said Rollie Penn, executive vice president, TNB Card Services. “They know our commitment to quality products and superior service. They have seen over the years that as a company owned and directed by credit unions, we understand their business like no one else can.” Rio Grande Credit Union, based in Albuquerque, New Mexico, was founded in 1953 to serve Albuquerque city employees. It now serves Bernalillo County employees, employees of a number of specific businesses, and people who live, work, and worship in a large portion of Bernalillo County. With 11,000 members and assets of $68 million, Rio Grande Credit Union has three branches in Albuquerque. Chris Fitzgerald, CEO, said he had been thinking about selling the portfolio for about a year, after seeing the card program experience relatively flat growth for three years. He considered only TNB Card Services as a potential buyer of the portfolio. “It was a conscious decision that if we could get a comfortable price for the portfolio, it was in our members’ interest to continue the relationship with TNB,” Fitzgerald explained. “The migration will be seamless for the members, and this will help us offer them a more diversified card program. For the credit union, it allows us to concentrate on selling and maintaining the products we have the most expertise in, the secured loans.” -