TNB Acquires $16 Million Card Portfolio

A+ Federal Credit Union of Austin has partnered with TNB Card Services to issue credit cards for the $500 million credit union. Through the issuing partnership, TNB acquires the $16 million card portfolio of A+, which includes more than 9,000 cardholders. 

TNB will offer extremely competitive rates along with higher credit lines to A+ Federal Credit Union cardholders. Since many of the A+ credit union members have excellent credit ratings, they will be eligible for the most attractive credit card rates in the marketplace. Cardholders will also be able to participate in TNB’s rewards program.

“We are very pleased to partner with a high caliber credit union such as A+ FCU,” said Jay Kurian, first senior vice president of TNB. “Kerry Parker is recognized in the credit union movement as a well-respected CEO, and we are honored that she chose TNB’s issuing program.”

As a result of the partnership, A+ will also offer a Platinum card and a Rewards Program for the first time and initiate a family account card program, which will benefit the many students attending the participating schools in the A+ service area. Finally, TNB will also work with A+ to expand its business card program, enabling it to offer improved products to this growing market segment.

“It took us four years and a lot of soul searching before we found the right solution to expand our card portfolio and provide our members a better product,” said Kerry Parker, CEO of A+ Federal Credit Union. “We received proposals from national issuers, but didn’t feel secure or comfortable doing business with any of them. We knew that we had to maintain some control of the program in order to ensure our members were protected. Credit union-owned TNB enables us to do just that and more.”

Parker added, “The partnership with TNB is for the long haul. By partnering with TNB, we will share in the success of the program financially and with enhanced products for our members. As long as the A+ logo is on our member’s card, we have a vested interest in how the program is executed and managed.”

The 76,000-member, education-based credit union has eight branches covering 10 counties in central Texas. In 2007, the credit union plans to open five new branches, with another three planned for 2008. A+ serves teachers, students, PTA members, and businesses in an 8,768-square-mile region, a service area almost as large as the state of New Hampshire.