Three CUs Sell Their Card Portfolios

PORTLAND, Ore. – Three credit unions, based in Rhode Island, Washington and West Virginia, have sold their credit card portfolios, according to AssetExchange, the Portland-based broker of credit card portfolios. The three were $114 million Westerly Community Credit Union, in Westerly, Rhode Island; the $70 million Northwest Plus Credit Union, based in Everett, Washington; and the $97 million West Virginia Federal Credit Union, based in South Charleston, West Virginia. Westerly entered into an agent back agreement with the Atlanta-based InfiCorp bank. The other two credit unions sold their portfolios to an undisclosed buyer. In the past, Delaware based MBNA has purchased credit card portfolios without acknowledging the purchase and AssetExchange would not reveal the buyer. Westerly’s portfolio was valued at $1.6 million. West Virginia’s at $1.7 million and Northwest Plus at $6.6 million. All three brokered their sales through AssetExchange, the firm said.