WILMINGTON, Del. - MBNA, the monoline card issuer that was acquired by Bank of America as of Jan. 1 2006, ended 2005 by acquiring five significantly sized credit union card portfolios. The noted card brand put a policy into place in 2005 of only bidding on credit union card portfolios worth more than $10 million dollars. The five new credit union partners include the $381 million IBM Texas Employees FCU, headquartered in Austin, Texas (roughly 6,000 card accounts in Sep. 2005, worth roughly $18 million in outstanding balances); the $283 million SAC FCU, headquartered in Omaha, Nebraska (roughly 5,000 accounts, roughly $11 million); the $317 million First Atlantic CU, headquartered in Eatontown, N.J. (roughly 4,200 accounts, roughly $17 million); the $194 million Bay Gulf CU, headquartered in Tampa, Florida (roughly 7,000 accounts, roughly $14 million); and the $669 million Tropical Financial Credit Union (roughly 12,000 accounts, roughly $27 million). Christa Hartnet, manager with MBNA confirmed that all the trades had been made before the Jan. 1 merger close and said the card issuer wanted to signal that it is still interested in credit union card accounts. She also said that a new brand would be announced that would reflect the merger and that the new company would retain its policy of transparency when it came to its card issuing clients.
MBNA Continued to Draw Big Card Portfolios in 2005
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