Stillwater (Okla.) National Bank has sold its $18.5 million credit card portfolio to an undisclosed buyer for $3.7 million.
Kerby Crowell, chief financial officer at Stillwater, said the bank had not been looking to sell its credit card portfolio but did so because it got an attractive offer. The deal closed Oct. 30.
The sale of the credit card portfolio follows a difficult third quarter for Stillwater's parent company, $971 million-asset Southwest Bancorp. The banking company was forced to write off $5.1 million of bad loans and recorded a net loss of $500,000 in the quarter ended Sept. 30.
Joseph Stieven, a banking analyst at Stifel, Nicolaus & Co., St. Louis, said he saw no connection between the third-quarter loss and the credit card portfolio's sale.