FOR IMMEDIATE RELEASE
ICBA Bancard Says Community Bank Credit Card Programs Generated Nearly $4.5 Billion in 2008 Sales Volume
Phoenix, Ariz. (March 19, 2009)— ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA), today announced that community banks that participate in its credit card programs collectively generated $4.5 billion in sales volume during 2008. ICBA Bancard and its community bank issuers were also named the 29th largest Visa and MasterCard issuer in the United States, according to an annual Nilson Report ranking of bank card providers. Rankings were based on total outstandings.
“ICBA Bancard’s ranking confirms that our nation’s more than 8,000 community banks are critical players within the payments services industry,” said Charles Saeman chairman of ICBA Bancard and president of State Bank of Cross Plains, Cross Plains, Wis. “Community banks achieved these benchmarks while charging annual percentage rates that are approximately 300 to 500 basis points lower than those levied by megabanks and other national issuers. This is yet another way in which community banks continue to serve the best interest of their customers in cities and towns throughout America.”
Linda F. Echard, president and CEO of ICBA Bancard agreed with Saeman and said, “it’s important to community banks that they have the ability to offer their customers a full slate of payments options without losing the personalized community bank touch.”
“When ICBA Bancard was founded in 1985, less than 1 percent of community banks across the country were direct issuers. Today we are playing by our own rules and collectively rank as the 29th largest issuer. That is something to be proud of,” said Echard.
For more information, visit www.icba.org.