FOR IMMEDIATE RELEASE
ICBA Bancard and TCM Bank, N.A. Complete $3 Million in Card Portfolio Purchases for July 2004
August 25, 2004
ARLINGTON, VA. - ICBA Bancard and TCM Bank, N.A., service corporations that aggregate the combined payment services power of members of the Independent Community Bankers of America, are pleased to announce the completion of seven credit card portfolio purchases for July 2004. The combined portfolios represent more than $3 million in credit card outstandings, bringing TCM Bank's credit card receivables to approximately $85 million.
"In this highly competitive industry, it is gratifying to see so many community banks choosing ICBA Bancard and TCM Bank. N.A. as their strategic credit card partner," says TCM Bank President and CEO Paul Weston. "A sale to TCM Bank transfers on-going investment and risk, provides capital to fuel community bank growth, supplies a continuing stream of revenue for community banks, and protects community bank customer relationships."
ICBA Bancard and TCM Bank's credit card issuing options allow community banks to offer customers the newest credit card products, expanded services and interest rate options. Four of the community banks that sold their credit card portfolios established long-term agreements with TCM Bank to market community bank branded credit card products to their existing and potential customers. ICBA Bancard and TCM Bank's newest participants include:
- First International Bank, Chula Vista, Calif.
- First National Bank of Waverly, Waverly, Iowa
- Community Bank of Shell Knob, Shell Knob, Mo.
- Eagle Valley Bank, Saint Croix Falls, Wis.
"Many community banks are evaluating their card portfolios and concluding that a sale, combined with a properly structured marketing alliance, makes economic and strategic sense," says Weston. "As an arm of the Independent Community Bankers of America, we are committed to protecting community bank customer relationships and look forward to providing service to these new banks."
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