PETERBOROUGH, N.H.–Just five credit unions sold their card portfolios during the second quarter, a marked decline in such sales by CUs.
According to Brookwood Capital and Portland, Ore.-based AssetExchange, total balances sold during the during the quarter were approximately $20 million. On average, the size of the portfolios sold was $4.1 million.
“This marks a decline in portfolio sales levels from prior years, and leaves year to date total sales numbers at 15 portfolios with total receivables of $83 million,” Brookwood Capital said.
Analysis by AssetExchange showed that of the 2,100 credit unions with credit card portfolios of $1 million and larger, CU credit card assets grew 14% between June 2007 and June 2008 to $30.1 billion, more than twice the growth rate of total credit union assets. Card accounts grew about 3% over the same period. The percentage of portfolios that grew more than the rate of inflation during the previous 12 months increased from 71% in June 2007 to 76% in June 2008, according to Asset Exchange.
