Four decades of service to banks

Headquartered in Wakefield, Massachusetts, The New England Bankcard Association was chartered in 1969 as a complete data processing entity owned by its member banks, which included Bank of New England, State Street, BayBank, and Shawmut. In the late 70s, Ted Keith, Sr. successfully reinvigorated NEBA by laying the groundwork for later positive organizational and business changes.

The 80s

The 80s saw rapid credit card growth, but also a trend among mega-banks to negotiate their own bankcard contracts. NEBA responded by focusing its offerings on the vibrant growing community bank segment. During this time, it also exited the data processing business by outsourcing those services to First Data Corporation. NEBA has resold First Data services since 1981.

The 90s

Challenges brought by the downturns in real estate and business in the early 90s were successfully met with stringent business and risk management processes. By the mid 90s, NEBA had grown beyond New England to include New York state. Later, the sale of the Atlantic States Bankcard Association to First Data enabled NEBA to grow into new markets in the Mid-Atlantic and Southern states.

In the late 90s, Ted Keith, Sr., retired and Ted Keith, Jr. was named President and CEO of both NEBA and its management firm, the T. K. Keith Company (d/b/a Primax).

Growing into the 21st Century

By the year 2000, NEBA had moved into innovative management of outsourced services and began offering no risk acquiring merchant programs, which proved to be a catalyst for rapid growth. Offsetting this was a trend among member banks to sell their bankcard programs.

Bank consolidation provided more challenges. Sound business management and new information systems initiatives have helped NEBA meet these challenges. At the same time, debit cards joined merchant processing as a stable, core product. NEBA continues to respond positively to business cycles, adding services during periods of economic growth, finding best-cost outsourcing and moving to new market segments during downturns.

Structure and governance

NEBA is a for-profit, non-stock membership corporation, with an active and engaged Board of Directors that taps the expertise of key executives. As with any corporation, bylaws and operating rules, designed to establish standards for member programs and ensure the association’s viability, are in effect.

NEBA’s five-person senior management team brings more than a combined 110 years of payment systems experience to the corporation. Their average tenure is 16 years. Senior management remains close to members, with complete involvement in day-to-day operations.