DES MOINES, Iowa (5/14/09)--The sale of Town North Bank (TNB)'s credit union card portfolio to Elan Financial Services means that TMG Financial Services of Des Moines is the only "true credit-union-owned credit card portfolio partner serving the credit union industry," says TMG. Town North Bank announced Tuesday it had sold its portfolio to Elan, which is U.S. Bank's credit union portfolio-buying arm. Elan bought 140,000 accounts from TNB with balances of $300 million among its 168 credit union partners. "TMG Financial Services has been a successful endeavor because of the collaboration we receive from credit unions who strongly believe that credit union credit card relationships should remain in the industry," said TMG President/CEO Jeff Russell, who is also chief information officer and vice president of strategic development. "Our unique business model allows credit unions that don't want to sell their portfolios the opportunity to participate as well by investing in our Collateralized Advance Program for the good of the industry," Russell added. "It is now more important than ever that, as an industry, credit unions offer a sound solution for those financial institutions that are looking to sell their portfolio to a partner with credit union values." TMG Financial Services manages 20 credit card portfolio partnerships with more than 15,000 accounts and $30 million in receivables. It is pursuing deals to close by the end of the year equaling $150 million in receivables, the company said.