FOR IMMEDIATE RELEASE
Nearly 500 Banks Join ICBA Bancard’s Partnership Growth Program
Phoenix, Ariz. (March 18, 2009)—ICBA Bancard, the payment services subsidiary of the Independent Community Bankers of America (ICBA), announced today that 497 community banks joined its Partnership Growth Program. The initiative aims to provide funding to community banks both as a stimulus and reward for sales volume growth in their credit and debit card portfolios.
Under the terms of the program, ICBA Bancard direct issuers can earn from $4,500 up to $300,000 over the next two years, and the only criteria for receiving those funds, aside from remaining an ICBA Bancard issuer, is year-over-year sales volume growth. There are no restrictions on the usage of the funds. Almost $2.5 million has already been disbursed, with an additional $4.8 million committed in future payouts.
“ICBA Bancard is delighted with the response that the program has generated,” said Charles Saeman, chairman of ICBA Bancard and president and CEO of State Bank of Cross Plains, Cross Plains, Wis. “The program represents a great opportunity for community banks to use these funds to optimize their card operations.”
“This program’s aim is to help our banks build consumer awareness of card usage in place of other forms of payment, not to encourage more consumer debt,” said Linda Echard, president and CEO of ICBA Bancard. “ICBA Bancard is thrilled to make these funds available to our community bank Partnership Growth Program participants. We look forward to hearing about the success they are able to generate through this program.”
For more information, visit http://www.icbabancard.com.