AssetExchange, the leading independent credit card portfolio brokerage firm, facilitated the sale of Cloverbelt Credit Union s credit card portfolio to TNB Card Services (Dallas, TX). The partnership includes an undisclosed premium on the sale of Cloverbelt Credit Union s credit card assets, ongoing revenue-sharing, and co-branded credit cards that will be marketed under the Cloverbelt CU brand to current and potential members.
AssetExchange conducted the portfolio analysis, market valuation, and competitive bidding process on behalf of Cloverbelt Credit Union. Based in Wausau, WI, Cloverbelt CU serves nearly 17,000 members and has more than $91 million in assets.
By partnering with TNB, we are able to expand our members access to affordable and competitive credit card products, protect ourselves from card-related charge-offs and fraud, and free up resources to focus on our core competencies, said Paul Chittum, Cloverbelt Credit Union CEO. We benefited tremendously by having AssetExchange on our team. They brought in several partnership offers and assisted our management team throughout the process without any pressure to sell or to choose a particular buyer.
We welcome Cloverbelt Credit Union as a partner, said Rollie Penn, executive vice president of TNB Card Services. The credit card products and services we will offer to their members are sure to enhance the Cloverbelt brand and deepen their member loyalty, as we have seen consistently with our existing clients.
We are pleased to have assisted Cloverbelt Credit Union and TNB with this partnership, said AssetExchange CEO, William C. Koo. Cloverbelt recognized many of the strategic benefits of partnering with another card issuer, and we applaud them for carefully reviewing several potential partners in order to find the best fit for their credit union and members.
About Cloverbelt Credit Union
Cloverbelt Credit Union, based in Wausau, WI, serves nearly 17,000 members and has more than $91 million in assets. Founded in 1935, the credit union s field of membership has grown from serving farmers and those in the fuel oil business to anyone who lives or works in Marathon, Lincoln, Wood or Portage counties. For more information, call (715) 842-5693 or visit [www.ccuwausau.com].
AssetExchange is a credit card consulting and brokerage firm for credit unions, banks and other financial institutions. Services include credit card portfolio brokerage, performance assessments, market valuations, and best practices consulting. The AssetExchange brokerage process includes bids from all interested portfolio buyers, which increases competition for portfolios and ensures optimal pricing and partnership opportunities for portfolio sellers. For additional information, please visit [www.AssetExchange.com] or call (503) 220-0007.
About TNB Card Services
TNB Card Services, located in Dallas, provides full-service credit and debit card processing, as well as, an agent issuing solution. TNB is owned and directed by credit unions. For more information about TNB, go to .