When White Sands Federal Credit Union decided to sell its card portfolio, TNB Card Services was the only company invited to the table. The $170 million credit union already knew it could trust TNB with its card-carrying members. This latest acquisition brings to nearly 90 the number of portfolios that TNB has bought since it began the agent card issuing program in late 2002.
?White Sands was experiencing the same issues as so many credit unions, with a solid cardholder base, but limited growth,? said Jay Kurian, first senior vice president of TNB Card Services. ?They realized that they had two options ? invest in the portfolio to drive growth, or sell it to someone with a vested interest in their members and the credit union industry.?
White Sands Federal Credit Union, originally chartered in 1952, serves employees of the White Sands Missile Range and residents of Las Cruces, New Mexico. With more than 32,000 members and five branches, the credit union is the eighth largest in New Mexico.
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