DALLAS — TNB Card Services, the credit card portfolio processing and servicing arm of credit union-owned Town North Bank, continues on a CU card portfolio buying roll.
The card processor has announced the purchase of a card portfolio worth $12 million from the $220 million AFTRA-SAG Federal Credit Union.
Headquartered in Los Angeles, the AFTRA-SAG sale brought an additional 6,000 credit union card accounts to TNB and lifted the firm's overall number of CUs which have sold TNB their portfolios to over 130.
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The CU said in a prepared release that the desire to offer its members a card rewards program is what led to the sale.
"We expect the benefits to our membership will be immediate and obvious," said Todd Nelson, vice president of marketing for the CU. "In order to remain competitive and position AFTRA-SAG as the financial institution of choice for our members, we want to extend as many benefits as possible, such as airline miles, merchandise points and other rewards program benefits," he added in the statement.
TNB said the CU had been thinking of selling its card program for about 18 months before signing the deal. Like other sellers, the CU made the decision partly on the basis of TNB having been run by credit unions, the organization said.
"Our experience working with credit unions for more than 30 years means both agent issuing partners, such as AFTRA-SAG FCU, and our processing clients that own their own portfolios, can take advantage of the expertise and understanding we have of the needs of credit union members," said Jay Kurian, first senior vice president of TNB Card Services.
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