DALLAS — TNB Card Services, the card portfolio arm of credit union-owned Town North Bank, has purchased four more credit union credit card portfolios, pushing the total number of CU card portfolios they own and market in relationship with the credit unions to more than 125.
The four new portfolios come from the $34 million Apex Community Federal Credit Union (portfolio valued at $880,000), headquartered in Stowe, Pennsylvania; the $34 million NorthRidge Community Credit Union ($77,000), headquartered in Hoyt Lakes, Minnesota; the $57 million West Virginia Central Credit Union ($1.5 million), headquartered in Parkersburg, West Virginia and the $17 million Westminster Federal Credit Union ($76,000), headquartered in Westminster, Colorado.
Westminster is an affluent community, so the members of the credit union have a choice in the credit card that they carry, explains the credit union's CEO, John Burke. “Our goal has been to offer a product our members can't refuse to carry. While our card program was profitable, the investment we could make to grow the portfolio was limited, which prohibited us from expanding the card features we could offer,” Burke said.
“TNB has deeper pockets, dedicated resources, and a wealth of knowledge to strengthen and grow our card portfolio. Our members have already benefited from the partnership with TNB through increased credit lines and more competitive rates.”
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