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The Dallas card-issuing agent TNB Card Services, a division of Town North Bank, has purchased the card portfolio of First Credit Union of Gainesville in Florida.
TNB, which owns and manages card portfolios for more than 160 credit unions, announced the purchase Monday but did not say how much it paid.
First Credit Union of Gainesville's portfolio has almost $4 million of receivables. The purchase closed in November, TNB said, and it had converted the accounts by May. The cards will continue to carry the credit union's name.
The $44 million-asset credit union said selling its card accounts to TNB would enable it to offer members better card products, including a reward program.
Wendy Richter, First Credit Union of Gainesville's chief financial officer, said in a TNB press release that the economic environment prompted it to "make major changes to our card program" to remain competitive.
