DALLAS — Four more credit unions have sold their credit card portfolios to TNB Card Services, the card portfolio purchasing and servicing arm of credit union-owned Town North Bank. TNB Card Services now owns and manages the card portfolios of more than 125 credit unions, the firm said.
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 ($536,000), headquartered in Hoyt Lakes, Minnesota; the $57 million West Virginia Central Credit Union ($1.1 million), headquartered in Parkersburg, West Virginia and the $17 million Westminster Federal Credit Union ($1.1 million), headquartered in Westminster, Colorado.
The reasons for selling were as varied as the CUs themselves.
Recommended For You
For more than a year, NorthRidge Community explored various options to grow its card program. In analyzing the risk, cost of insurance, and expense of the portfolio, the credit union concluded it wasn't yielding enough income compared with the effort it was putting into managing it.
"A credit card is a must for our members," said Don Werdick, CEO of NorthRidge Community Credit Union, "but having a profitable and competitive product was a challenge. We knew we had to invest in the program to make it more attractive. Selling the portfolio to TNB was our way of giving our members a stronger card they would be willing to use more often."
NorthRidge owns an $18 million CUSO that provides health and life insurance, brokerage, investments, financial planning, and mortgage lending. It has branches in Hoyt Lakes, Biwabik, and Virginia, Minnesota, serving 6,190 credit union members and CUSO clients, TNB said.
While for Westminster, the issue was one of capital needed to strengthen the portfolio.
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."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
