CINCINNATI – Fifth Third Bancorp said this morning its Fifth Third Processing Solutions LLC unit has acquired the assets of credit union processor TNB Card Services from credit union-owned Town North Bank of Dallas.
This acquisition extends Fifth Third’s reach into the credit union market. TNB Card Services currently provides credit, debit, and prepaid cards, loyalty, consulting and ATM driving with a full suite of back-office services to more than 370 credit unions in 27 states and the District of Columbia. Since 1976, Town North Bank, through its TNB Card Services division, has grown to service roughly 1.4 million credit and debit accounts.
TNB Card Services becomes part of FTPS which is headquartered in Cincinnati, Ohio and is one of the payments industry's oldest and largest providers of transaction processing and acceptance solutions for merchants, businesses and financial institutions around the world.
Financial terms of the deal were not disclosed.
"We are very pleased to acquire TNB Card Services, which has distinguished itself as a respected leader in the credit union market with a loyal following of clients and a focus on simplifying complex payment systems," said Charles Drucker, CEO of Fifth Third Processing. "The acquisition furthers our position as a leading provider of innovative products and services for credit unions and their members. We look forward to working with the TNB Card Services team as they continue providing their exceptional servicing to their valued clients."
"The combination of TNB Card Services' deep understanding of credit unions and their members with FTPS' commitment to industry-leading technology will deliver an exciting choice to credit unions who are looking for a partner to help them achieve their program goals," said Jesse Gutierrez, president and chief executive officer of Texas Bay Area CU and chairman of the board of Town North Bank.
TNB reported a loss of $73.8 million for 2009 and a loss of $9.6 million for the first quarter of 2010, and assets of $955 million, down from $1.4 billion at March 31, 2009.
