TNB Buys $10 Million Credit Union Card Portfolio

TNB Card Services, the electronic payments processor for credit unions, has acquired the $10 million credit card portfolio of PARDA Federal Credit Union in Michigan. The acquisition adds more than 5,000 cardholder accounts to TNB’s card portfolio.

The purchase of PARDA’s portfolio is TNB’s largest purchase in 2008, and continues the company’s strong five-year record of growth in program acquisitions. TNB issues for more than 160 card portfolios, the largest ownership of credit union card accounts by a credit union-owned entity.

The $181 million PARDA FCU, based in Auburn Hills, Michigan, compared card issuers and chose TNB as the portfolio buyer due to its credit union service philosophy, card knowledge and expertise, and credit union ownership.

“We visited TNB’s operations center and were impressed with the level of service and knowledge of the company’s call center, marketing staff, and leadership team,” said Nancy Wasczenski, CEO of PARDA FCU. “TNB demonstrated that it has the capabilities to grow our portfolio and provide our members with a stronger product and an improved level of service, which we couldn’t offer on our own.”

Wasczenski added, “We are especially looking forward to extending our product line to include new card products such as the MasterCard® Family Account(TM). We wanted to offer new products, but were limited by our former card processor’s capabilities. With TNB we’ll be able to broaden the product line, which will make our card more appealing to a larger number of members.”

PARDA Federal Credit Union, founded in 1937, serves more than 23,000 members and nearly 200 special employer groups. Its largest sponsors include Pfizer, Energizer, Johnson & Johnson, and Cadbury Schweppes.

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. TNB’s credit cards are issued by Town North Bank Nevada, N.A.