Even in a bad economy, two of the five credit unions with the strongest credit card growth over the last year only recently got back into card issuing after selling their card portfolios.
Both $123 million BestSource Credit Union, headquartered in Waterford, Mich., and $806 million Xceed Financial Credit Union in El Segundo, Calif., had sold their card portfolios to MBNA in 2001 but declined to renew their five-year contract with the bank and got back into issuing in the last couple years.
Bank of America acquired the primarily affinity-card issuing MBNA in 2005 for stock and cash estimated at over $35 billion. The company became the foundation for Bank of America's affinity card issuing subsidiary, FIA Card Services.
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