The economic downturn appears to have brought the market for credit union card portfolios flickering back to life, although brokers indicated that the market for CU card assets is no longer what it once was.
An analysis of credit union call report data from the first quarter of 2009 prepared by Asset Exchange shows seven credit unions sold their card portfolios since the first of the year. The two largest were the $101 million card portfolio sold by the $1.7 billion Kern Schools Federal Credit Union, headquartered in Bakersfield, California and a $53 million portfolio from the $647 million American First Credit Union, headquartered in La Habra California.
Both credit unions sold their portfolios to FIA Card Services, a card issuing branch of Bank of America.
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