TNB Card Services Purchases Card Portfolios in Two States

Dallas-based TNB Card Services has purchased the credit card portfolios of Adirondack Regional Federal Credit Union of Tupper Lake, New York, and Trivantage Community Federal Credit Union, based in Huntington, West Virginia, adding more than $1 million in card balances to TNB’s portfolio.

Adirondack Regional FCU had been looking to sell its credit card portfolio for more than four years, explained CEO Mike Farkas, but waited until its contract expired with its processor.

“It was an easy decision to sell, because our old processor wasn’t doing anything to help the portfolio grow, and we could no longer compete with the major issuers,” Farkas said. “The strong offer from TNB, combined with its credit union ownership, helped us make the decision to sell to them.”

Founded in 1947, Adirondack Regional FCU is community chartered, serving essentially all of northern New York State through five branches. It has 8,300 members, and assets of nearly $35 million.

Trivantage Community FCU had discussed the sale of its portfolio over the last few years, explained Alisa Raines, president and CEO, with the increase in fraud risk, competition and the retirement of our long-time card manager in 2007, the time was right for a sale.

“Our card program wasn’t one of our key products,” Raines said. “We found it difficult to compete. We didn’t feel like we did very well with it, and felt that TNB, with its experience, could do it better. This allows us to concentrate our resources in our other products, while giving members a better product and more options.”

Founded in 1961, Trivantage Community FCU is community chartered, serving members in four counties on both sides of the Ohio River, with branches in West Virginia and Ohio. With 6,000 members, it has assets of $17 million.

TNB has purchased more than 155 credit union portfolios since 2002, when it began its agent issuing program.

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 500 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.