Press Releases

For Immediate Release

Contact:
Jan Dailey, SVP, Marketing Manager
972-391-6191, jan.dailey@tnbcard.com

Kristine Tanzillo, Dux Public Relations
972-889-9577, kristine@duxpr.com

Island Federal Credit Union, One of New York State’s Largest,
Sells Its Credit Card Portfolio to TNB Card Services

Dallas – August 7, 2007 – Island Federal Credit Union, one of the largest credit unions in the state of New York, has sold its credit card portfolio to TNB Card Services. TNB today announced its purchase of the card program, with $8 million in outstanding balances and 5,300 card accounts.

TNB Card Services, which provides payment processing services to hundreds of credit unions, buys select portfolios through its Agent Issuing Program. In the nearly five years that it has been purchasing card programs, it has bought more than 130 portfolios.

Island FCU of Hauppauge, New York, is a 52-year-old credit union that for most of its existence served KeySpan Energy employees and their family members. In January of this year, the credit union received its community charter, and now serves all of Nassau and Suffolk counties on New York’s Long Island, with the exception of a few townships.

With more than 21,000 members and assets of more than $330 million, Island FCU is among the top five percent of all credit unions in the state of New York. Tony Sidoti, vice president and chief lending officer, said his credit union had only recently made the decision to investigate selling its credit card portfolio.

“We felt it was the proper decision for us, based on the current credit card environment,” Sidoti said. “With high potential for fraud losses and the fact that our insurance company was only insuring us for catastrophic losses, we felt the time was right.”

“A smooth and seamless transition, with the assurance from TNB that our members would continue to receive ‘red carpet’ treatment, was a number one priority,” added Sidoti. Island FCU was also looking to continue offering attractive interest rates and enhanced services to its members, which TNB will now provide.

Island FCU was also looking to continue offering attractive interest rates and enhanced services to its members, which TNB will now provide.

Sidoti noted the fact that TNB is credit union-owned was a significant factor in its decision to sell to TNB. Also, he added, “All the references we contacted were pleased with TNB, and we were impressed with their servicing record, experience in the industry, their programs, and both the revenue sharing and the upfront premium for our portfolio. We are pleased to work with a company whose commitment to service so closely parallels our own.”

Jay Kurian, first senior vice president for TNB Card Services, said Island FCU is a strong addition to the TNB agent issuing program. “Not only does the Island portfolio add millions of dollars in outstanding balances and thousands of card accounts for us, but it demonstrates that credit unions of all sizes, including large ones such as Island FCU, are finding TNB the best fit for their card programs,” Kurian said.

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About TNB Card Services
TNB Card Services, owned and directed by credit unions since 1976, provides electronic payments processing, as well as an agent issuing solution for credit unions nationwide. Serving more than 500 financial institutions and managing more than 1.8 million cards, Dallas-based TNB enables credit unions to enhance member loyalty through credit union-branded card products. For more information about TNB, go to www.tnbcard.com or call Dusty Bowers at 1-800-422-0733 ext. 6555.

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About Island Federal Credit Union
Island Federal Credit Union has been serving the financial needs of Long Islanders for more than 50 years. Now, anyone who lives, works, worships or attends school in Nassau County or Suffolk County (with the exception of the townships of East Hampton, Southampton and Shelter Island) can bank at Island. Island FCU has branches in Hauppauge, which also serves as its headquarters, Hicksville and Sayville. To learn more about Island FCU, you can visit their website at www.islandfcu.org or call 631- 851-1100.

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