TCM Bank, a credit card bank of ICBA Bancard, has acquired the agent bank portfolio of Cincinnati-based Fifth Third Bank.
ICBA Bancard said that the transaction marks the largest credit card acquisition in TCM’s history, bringing its total assets to $292m.
The transaction will add nearly $97.9m in credit card receivables and 90,000 small business and consumer credit card accounts from 115 financial institutions.
TCM will own the credit card assets of the new portfolio; however, it will continue branding and marketing the cards under the names of the 115 other financial institutions.
TCM Bank president and CEO Damon Moorer said: “Adding the Fifth Third business to our portfolio aligns perfectly with our growth strategy and further establishes TCM’s role as an ideal partner for financial institutions in the credit card industry.”
TCM Bank chairman of board of directors and CEO of Farmers State Bank Joe Pierce said: “Financial institutions that have sold their portfolio to TCM Bank can rest easy knowing that unlike many other credit card issuers, TCM Bank does not offer competing financial services.”
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TCM Bank anticipates integrating the portfolio by the end of 2016.