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ORONO, Maine and SOUTH PORTLAND, Maine – University Credit Union and Greater Portland Municipal Credit Union are the latest to sell their credit card portfolios totaling $7.5 million to Atlanta-based InfiCorp Holdings, Inc., a subsidiary of First National of Nebraska. Under the agreement, InfiCorp will market credit card products to the current and potential membership of each credit union. “We’ve been looking at selling our credit card portfolio for the last four years,” said University Credit Union President/ CEO Howard Dunn. “Basically we had $2 million in outstanding credit card balances and the portfolio just was not growing-it would be different if we had a $90 million credit card portfolio.” After reviewing his options Dunn says it would have cost the credit union too much to upgrade the credit cards to compete with the millions of offers mailed daily to members. In addition to the time and funds needed to market the programs, the $100 million credit union would have to pay for each platinum, gold or affinity card program. “I have to believe in a product to sell it,” said Dunn. “It’s like you can’t sell a Ford if you are a Chevy person. We couldn’t compete so we let experts take over something they do best so our members would have more options.” Proceeds from the sale were used to buy an investment and UCU will also receive payments from InfiCorp for each new credit card account opened. “I have absolutely no regrets, no hesitation that we made right decision,” said Dunn. “We’ve reduced the risk exposure without decreasing our yield and our members have a more valuable product.” More than 50 credit unions have already sold their credit card portfolios to InfiCorp. University Credit Union has $95 million in assets, and serves 14,000 members. Greater Portland Municipal Credit Union has $60 million in assets, and serves 8,500 members. [email protected]

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