Abbott Bank of Alliance, Neb., has sold $46 million of credit card receivables to Boatmen's Credit Card Bank for an undisclosed premium, according to Robert Hammer, president and chief executive of R.K. Hammer Investment Bankers Inc., Newbury Park, Calif.
Abbott is a subsidiary of Community First Bankshares, Fargo, N.D. Boatmen's is the credit card arm of St. Louis-based Boatmen's Bancshares.
Mr. Hammer said he acted as adviser to Community First Bankshares, which purchased Abbott this spring and was looking to divest the card business.
He said the deal was one of the larger portfolio sales he had handled this year.
Mr. Hammer predicted that his company would advise on deals totaling $200 million this year, making 1995 "the best year in our history." Volume will be light for the credit card industry as a whole will this year, he predicted - about 25 transactions.