Beneficial National Bank USA will offer a private- label credit card for Hub Furniture Centers, an 18-store chain in Maryland and Virginia.
As part of the deal, Beneficial is also buying a $4.2 million closed-end credit portfolio from Hub.
The retailer is owned by Heilig-Meyers Co. of Richmond, Va., which has $2.5 billion of annual revenue. Heilig-Meyers also operates Rhodes, the RoomStore, and Mattress Discounters.
Beneficial National, a subsidiary of Beneficial Corp., is one of the largest issuers of private-label credit cards.
"We are very enthusiastic about this new card program," said Richard C. Klesse, the bank's executive vice president and chief operating officer. "By providing convenient financing and additional purchase power to their customers, we will be able to help the Hub Furniture Centers sell more merchandise."