Fifth Third Processing Solutions Acquires TNB Card Services from Town North Bank
Extends Growth into the Credit Union Market
CINCINNATI, July 7 /PRNewswire-FirstCall/ -- Fifth Third Processing Solutions, LLC, announced today that it has acquired the assets of TNB Card Services from Town North Bank, N.A., an independent community bank based in Dallas. This acquisition advances FTPS' efforts to provide best-in-class capabilities to its client base and will strongly expand its commitment to providing innovative electronic payment solutions to credit unions and their members.
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.
"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 FTPS. "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 Credit Union and chairman of the board of Town North Bank.
"This announcement is great news for TNB Card Services and their credit union clients, as well as all of the credit unions they will partner with in the future," said Steve McDonald, President and CEO of Town North Bank. "TNB Card Services will leverage FTPS' industry leadership and investment to provide their clients with electronic payment innovation backed with quality service delivery and a unique partnership model."
About Town North Bank
Town North Bank, founded in 1972, is one of the largest and longest serving community banks in Dallas, with assets of approximately $900 million. It is known for its innovative products and personal service, offering a range of banking services, from commercial lending to treasury management services. For more information, visit www.tnbonline.com.
About TNB Card Services
Since 1976, TNB Card Services has provided electronic payments processing for credit unions nationwide. It delivers exceptional processing services for credit, debit, and ATM transactions and provides portfolio consulting and marketing programs that increase card usage and grow card programs. TNB Card Services enhances member loyalty through credit union-branded card products and services, including card personalization products and loyalty solutions. For more information, go to www.tnbcard.com.
About Fifth Third Processing Solutions
FTPS delivers innovative payment transaction processing and acceptance solutions to create and support complex payment strategies for merchants, businesses, and financial institutions around the world. A pioneer in card payment acceptance in the early 1970s, FTPS is headquartered in Cincinnati, Ohio and is a joint venture with Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB)
As a premier full service payment solutions provider, the Company provides servicing solutions and product engineering for financial institutions’ and retailers’ credit card, debit card, merchant and private label programs processing over 33.3 billion ATM and point of sale transactions and over $315.5 billion in debit and credit card sales volume annually. The Company supports over 180,000 merchant and financial institution locations and 11,000 ATMs in 44 states and 11 countries. According to the Nilson Report (March 2010), the Company is the third largest U.S. merchant transaction acquirer. Learn more atwww.FTPSLLC.com.
SOURCE Fifth Third Processing Solutions, LLC
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