Independent Bank To Sell Card Accounts
ROCKLAND, Mass. - Independent Bank Corp. said its Rockland Trust Co. unit will sell a line of credit card accounts to U.S. Bank of Beavertown, Ore., for an estimated after-tax gain of $5.2 million.
The sale of Rockland's credit card accounts affiliated with the American Automobile Association is expected to close on Monday. Rockland will continue to own and operate its own credit card portfolio of about $25 million.
John Spence, Jr., chairman of Rockland, said the sale of the AAA portfolio will increase bank capital by about 17%.