ATLANTA - Inficorp Holdings Inc., through its subsidiary Infibank, has bought the $7.5 million unsecured credit card portfolio of North Coast Credit Union of Bellingham, Wash. This comes after an announcement last month that Inficorp had bought a major Indiana credit union card portfolio.
In the latest transaction, Inficorp and North Coast also signed a long-term agreement for marketing credit card products to credit union members. Under the agreement, Inficorp is to be responsible for account development and account servicing. Credit union employees will continue to offer in-branch service to cardholders.
"Inficorp designed its lending alliance program with the understanding that the member-credit union relationship is paramount and that Inficorp's role is to make it even stronger," said Keith Floen, managing director of InfiCU, the credit union division of Inficorp. "We are pleased to see the market recognizing the value and security our credit card program provides to members and credit unions across the country."
Mike Hudson, chief executive officer of North Coast Credit Union, said the agreement will strengthen its credit card program and let North Coast focus on its other core financial services. "We wanted a partner that would team with us, not compete with us, in serving our members. We have found that with Inficorp."
Inficorp Holdings, a subsidiary of First National of Nebraska, is an Atlanta-based credit card portfolio management company. North Coast Credit Union has $123 million of assets and 20,000 members.