CU of Texas Sells Card Portfolio

February 21, 2008, 10:43 p.m. EST 1 Min Read

DALLAS – The Credit Union of Texas yesterday said it sold its $44 million credit card portfolio to FIA Card Services, the Bank of America unit formerly known as MBNA. The portfolio contains nearly 19,000 accounts.

Financial terms of the deal were not disclosed.

John Lederer, CEO of the $1.3 billion credit union, said there is a commitment to “exceptional service” in making the decision to partner with FIA Card Services.

Brookwood Capital, a New Hampshire-based consultancy, was the advisor on the sale.

Credit Union of Texas was among those CUs reporting a loss during 2007, in its case $13.7-million for the year.

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