TNB Card Services is selling its $300 million agent-issued card portfolio to Elan Financial Services, a subsidiary of U.S. Bancorp.
During an interview with Credit Union Times, Town North Bank CEO John Reap explained the bank's decision was based on the economic downturn. TNB Card Services is the card processing and issuing arm of credit union-owned Town North Bank.
"This was a very hard decision, a very difficult decision for us," explained Reap. "But these are very difficult and trying times economically for both the banking and credit union industries and we needed to do something to manage our balance sheet."
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