The roughly 60,000-member, $1 billion Eli Lilly Federal Credit Union in Indianapolis has repurchaseda card portfolio that it had originally sold in 2002.

“We sold it at the time because we didn't believe we had theexpertise we needed for card issuing,” explained Rich Jones, seniorvice president with the credit union.

“But in the year's since we decided we wanted to buy it back andoffer the member service we believe our brand needs to have,” Jonessaid Wednesday.

Eli Lilly FCU sold the 6,800-card, $20 million portfolio to MBNAin 2002 and then watched as MBNA merged with Bank of America andbecame FIA, Bank of America's card-issuing division.

The credit union sold the portfolio and entered into an agentissuing program on a five-year term and stuck with it through the2007 renewal, but had already decided not to renew the deal for2012.

“About that time, Bank of America decided to leave the affinitycard market so it worked out,” Jones said, adding that his creditunion had to negotiate with the bank to buy the portfolio.

Bank of America had wanted Eli Lilly FCU to accede to itsselling the portfolio to Elan Financial Services, the affinity cardissuer which is a subsidiary of U.S. Bank.

Significantly, Jones noted that the portfolio had not changedall that much during the more than a decade it had been with Bankof America, numbering about 6,800 cards at the beginning and theend of the relationship.