The $3.2 billion Wescom Credit Union has purchased the card portfolios of eight credit unions and launched agent issuing agreements with them since it began buying portfolios late 2006.
The accounts, purchased through the credit union's Credit Union Card Association, brought balances of $65 million to the credit union, according to Brad Wylie, president of CUCA, a division of the credit union. Wescom's current overall card portfolio stands at just over $248 million in outstanding balances from 80,609 accounts, according to the credit union's March call report.
The eight include Coastline Federal Credit Union, Bethpage Federal Credit Union, People's Federal Credit Union, Star USA Federal Credit Union and the since liquidated Cal State 9 Credit Union. Wescom has not yet released the names of the three other credit union card sellers.
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Wescom made its last purchase in September 2008. Wylie said the credit union is currently "on the sideline" in the market while waiting for the economy to get healthier. Wescom has also been very busy making sure its card program complies with the new federal credit card regulations, he added.
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