ATLANTA - Inficorp Holdings Inc., the credit card portfolio management subsidiary of First National of Nebraska Inc., has bought Teachers Credit Union's $63 million unsecured credit card portfolio.
Rick Rice, chief executive officer of South Bend, Ind.-based Teachers, said the deal builds on his company's partnership with Inficorp, which has been managing the $830 million-asset credit union's card portfolio since September 1998.
In addition, Inficorp has entered a long-term agreement with the credit union to market credit card products and services to Teachers' existing and potential members by phone and Internet. Inficorp CEO Jerry Craft said these offerings will have the Teachers brand.
Teachers Credit Union has 150,00 members and is the largest credit union in Indiana. Inficorp said it bought the Teachers portfolio through its Infibank subsidiary.