FOR IMMEDIATE RELEASE
ICBA Bancard: Loyal Card Issuers Yield Big Returns
Bancard Program Participants Receive Rebates
Washington, D.C. (April 24, 2009)—ICBA Bancard, the payment services subsidiary of the Independent Community Bankers of America, today announced community banks earned more than $233 million in card revenue through its credit and debit card programs.
“ICBA Bancard is always looking for ways to give back to community banks. Our card issuers have not only seen substantial earnings in card revenue, we’ve also rewarded them for their loyalty to our programs,” said Charles Saeman, chairman of ICBA Bancard and president and CEO of State Bank of Cross Plains in Cross Plains, Wis. “Loyal ICBA Bancard issuers were awarded almost $2.9 million in rebates this year. Community banks participating in our Partnership Growth Program have already received $2.5 million, and we’ve committed to paying out $4.8 million more.”
In addition to loyalty rebates, ICBA Bancard credit card issuers experienced sales of $4.8 billion, while debit card issuers had sales volume of more than $6 billion, for a total of $11 billion for program participants last year.
“We are especially pleased to have had such a positive impact on our card issuers’ bottom lines during the current operating environment,” Saeman said.
“ICBA Bancard exists to support the payments needs of community banks,” said Linda Echard, ICBA Bancard president and CEO. “We offer a variety of programs that help community banks monitor, measure and grow their portfolios.”
The rebates are based on the total sales volume for cards processed through ICBA Bancard’s programs with Fidelity National Information Services and for participation in the program for five years or more.