In what may be the first sale of a secured credit card portfolio, Renaissance Bankcard Services and its banking affiliate, Orchard Savings Bank, sold $40 million of receivables in January to Alpine Securitization Corp, a subsidiary of Credit Suisse.

Renaissance and Orchard then used 60% of the proceeds to purchase a $25 million card portfolio from United Insurance Cos., Dallas.

Charlie Engelberg, senior vice president of Renaissance, said the transactions "give us credibility with the capital markets and in the credit card industry. It enhances our image as an innovator."

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