Cape Cod Bank and Trust Co. has sold its $10 million credit card portfolio to Chevy Chase Bank FSB for $12 million.

The decision to sell was a reaction to increasing competition, said Stephen B. Lawson, president and chief executive officer of $900 million- asset Cape Cod Bank and Trust.

He said the bank will henceforth offer cards to its customers as an agent of Chevy Chase Bank. The result will be "increased service and additional enhancements to the card."

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