DALLAS — In what may be the first major purchase of a CU card portfolio in months, the $1.19 billion Credit Union of Texas has sold its credit card portfolio to FIA Card Services, the card-issuing subsidiary of Bank of America.

According to a statement from Brookwood Capital, the card brokerage which facilitated the sale and NCUA data, the deal brought BofA the accounts of 19,000 of its members and outstanding balances of just over $44 million.

"We analyzed all available partnership options thoroughly to determine what option was best for our members," says John Lederer, President/CEO, Credit Union of Texas. "Our number one priority was to partner with a credit card organization that shared our commitment to providing exceptional service to our members–we are certain that we have found that commitment in FIA Card Services. The card program directly addresses the membership needs for more choices, better programs, low rates and meaningful rewards."

According to NCUA data, the CU has lost money steadily since at least December 2005 when the CU's net worth stood at $1.55 billion. No one from the credit union has yet become available to comment on the sale.

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