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TNB Card Services to sell card portfolio to Elan
DALLAS and MINNEAPOLIS (5/13/09)--Town North Bank (TNB), parent company of Town North Bank Nevada, announced Tuesday that it has sold its agent-issuing credit card portfolio to Elan Financial Services, but will continue to serve its credit union clients through its card processing operation, TNB Card Services. Elan, a provider of outsourced solutions, will become the new issuing partner to the 168 credit unions representing TNB’s former agent issuing partnerships. TNB sold the portfolio to reduce assets and generate capital in a move to offset losses from the bank’s investment portfolio in 2008, said John C. Reap, TNB president/CEO. “As everyone in the financial industry is painfully aware, 2008 was a challenging year,” Reap said. “The damage done to our own investment portfolio has compelled us to make this strategic decision.” TNB is working closely with Elan and its credit union agent clients to make the transition smooth. Full transition of the agent accounts from TNB Nevada to Elan will be completed in November. TNB will service the accounts as they are transitioned. Elan has partnered with credit unions for about 40 years and has agent-issuing relationships with more than 350 credit unions, TNB said. TNB is based in Dallas. Elan is based in Minneapolis.


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