TMG Financial Services Announces Card Portfolio Purchases

TMG Financial Services, the agent-issuing arm of TMG, purchased 8000 credit card accounts worth roughly $16.6 million in outstanding balances from two credit unions, the firm announced last week.TMG purchased the portfolios from Belvoir Federal Credit Union in Woodbridge, Va. and Sun Center Federal Credit Union in LaGrange, Ohio.“As we bring these portfolios under our management, we look forward to working with each of these credit unions to provide an effective credit card program that is member-friendly,” said Jeff Russell, president/CEO of TMG Financial Services.With these recent portfolio purchases, TMG Financial Services has more than 28,000 accounts and $53 million in receivables under management as of Aug. 31, 2009.“Even as some in the industry are projecting fewer credit card portfolio sales in the future, we continue to see an increased number of credit unions taking a hard look at all their options,” Russell said. “There are enormous opportunities to grow market share right now, but credit union resources are stretched thinner than ever before. They are examining their core competencies, and if portfolio management isn’t in that list, they are looking for a trusted partner like TMG Financial Services who can help them.”Both credit unions cited a desire to provide a more competitive product for the long-term among the reasons they sold their card portfolios.“In today’s marketplace, we should be able to responsibly grow our credit card portfolio,” said Patricia Kimmel, president/CEO of Belvoir Federal Credit Union. –[email protected]