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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.