An application from First Financial Management Corp. to form a credit card bank may mean that its thrift unit will soon be on the block.

First Financial owns Atlanta-based Georgia Federal Bank, a $4.5 billion-asset thrift that it bought in 1989 to protect its access to the Visa and MasterCard payment networks. It would not need Georgia Federal if it operated its own credit card bank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.