CCB Financial Corp. has signed an agreement to let MBNA Corp. run its consumer credit card business.
CCB would offer its customers CCB-branded credit card products, and MBNA would own and operate the receivables. The deal is expected to close June 30.
MBNA would buy $150 million in consumer credit card receivables from CCB and its subsidiaries, Central Carolina Bank and Trust Co. and American Federal Bank FSB.
CCB, with $7.8 billion of assets, would continue to offer business credit cards, and keep its existing portfolio of business card receivables.
"Given the changes and consolidation in the credit card industry and the scale required to be competitive long-term in the consumer card business, we feel that partnering with MBNA is the right solution for our customers and will improve CCB's long-term profitability," said Ernest C. Roessler, CCB's chairman, president, and chief executive officer.