BETHPAGE, N.Y. — In the end the trust between credit unions and credit union leaders played the key role in helping Wescom's CU Card Association win the purchase of Bethpage Federal Credit Union's credit card portfolio, according to Kirk Kordeleski, president/CEO of the $2.3 billion CU.
"We know Wescom, we know Darren [Williams--CEO of Wescom]," Kordeleski said. "We have worked with Wescom on other projects and felt we know them and can trust them."
Kordeleski and Brian Clarke, chief financial officer for the CU, explained that Bethpage had been at work for about nine months on deciding to sell the portfolio and that it had offers from six banks. They chose Wescom even though Wescom entered the competition late, because they believed Wescom would treat their members' card accounts in the way it treated its own members' and that was what Bethpage wanted.
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Significantly, Wescom will come in with lower interest rates and a no-fee rewards card, which Bethpage does not have now, but will not undertake a sweeping increase in the number of different cards offered, the executives said. Instead, the two credit unions will partner to grow the portfolio up from the limited penetration it has now and at least double it in size.
"We consider that the low end of what's doable," Kordeleski said.
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