BancVue, an Austin, Texas-based product-development and marketing company focused on community banks and credit unions, on Sept. 2 announced the purchase of the Silverton Bank credit card portfolio from the Federal Deposit Insurance Corp. Terms were not disclosed.
The FDIC closed the Atlanta-based institution in June after failing to find a buyer of its assets. Regulators seized the bank in May.
Silverton’s portfolio includes card accounts representing nearly 700 agent-banking relationships, effectively doubling BancVue’s client base. It included approximately 113,000 active and inactive cards, a company spokesperson tells PaymentsSource.
BancVue will manage the accounts under the BancVue Card Assets name.
BancVue’s mission is to provide a means for smaller institutions to compete with larger banks, such as by enabling them to offer their own branded credit cards to customers. The company also has teamed with First Arkansas Bank & Trust in Jacksonville to serve as a sponsor bank for institutions that do not want to build their own card portfolios.
The company says it soon will announce a full-service offering for community financial institutions that want to run their own card programs as direct issuers, but would not yet discuss details.
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