DALLAS — Five more credit unions have sold their credit card portfolios to TNB Card Services, the card processing and portfolio management arm of credit union owned Town North Bank. The recent purchase brings the total number of card portfolios that TNB has purchased to 140, the bank CUSO said.
TNB began purchasing CU card portfolios, after having opposed portfolio sales for many years, in 2002 and the CUSO reported purchasing 35 CU card portfolios so far this year alone.
The latest purchases are Gulf Coast Educators Federal Credit Union of Texas, Lakes Area Credit Union of Minnesota, Remington Credit Union of New York, Oregon Territory Federal Credit Union of Oregon, and NODA Federal Credit Union of Louisiana.
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This series of purchases moved more than $12.3 million in outstanding balances and 10,400 card accounts under TNB's ownership.
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