Salem VA Credit Union Moves $3.4 Million Card Portfolio to TNB Card Services

Obtaining expertise and insight into its card portfolio in order to direct and drive growth was the deciding factor for Virginia-based Salem VA Credit Union to move its credit card processing to TNB Card Services.

While the Salem VA credit card portfolio is a strong performer, with outstanding balances of $3.4 million, the credit union recognized that its Classic card and single rate offering limited the number of members it could serve.

After talking with several card processors, Salem VA chose TNB for its management capabilities and tools, marketing programs, member-friendly service, and expertise at growing credit union credit card portfolios. Salem VA will engage TNB’s portfolio consulting team to assess the portfolio and make strategic recommendations to ensure the credit union is offering the most appealing products along with rates that will increase cardholders and drive usage.

“To keep our card competitive and to continue to grow the program, we need to expand our capabilities and improve our ability to manage the portfolio,” said Steve Anderson, CEO of Salem VA Credit Union. “TNB’s platform will enable us to do what is best for our members and cardholders, so we can customize the entire program to fit our needs. By expanding our card program, it will increase our business and future revenue and provide a better product for our members.”

Salem VA will use TNB’s card management tools, VIP CardStationTM and VIP Portfolio Pro®, to analyze the performance of the portfolio and more effectively mitigate risk. TNB will also work with the credit union to develop a custom credit union-branded plastic and implement a loyalty program that can be linked to a variety of the credit union’s products and services, not just its credit card offering.

Based in Salem, Virginia, the 73-year-old credit union services communities in Roanoke County, as well as the City of Roanoke, Town of Vinton, and City of Salem. Salem VA Credit Union has 9,500 members.

About TNB Card Services
TNB Card Services, owned and directed by credit unions since 1976, provides electronic payments processing, as well as an agent issuing solution for credit unions nationwide. Serving more than 550 financial institutions of all sizes and managing more than 2 million cards, Dallas-based TNB enables credit unions to enhance member loyalty through credit union-branded card products. For more information about TNB, go to www.tnbcard.com or call Mark Fenner at 1-800-422-0733 ext. 6655.