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Credit Union Card Portfolio Drew a 26% Premium Card, Executive Says

THOUSAND OAKS, Calif. - A credit union card portfolio characterized as "small but high quality" brought a 26% premium over book value, according to R.K. Hammer, a noted card portfolio evaluator. According to Hammer, six card portfolios worth over $15 million sold in the second quarter of 2003, on top...

By Staff Writer | Updated on July 08, 2003

THOUSAND OAKS, Calif. – A credit union card portfolio characterized as “small but high quality” brought a 26% premium over book value, according to R.K. Hammer, a noted card portfolio evaluator. According to Hammer, six card portfolios worth over $15 million sold in the second quarter of 2003, on top of the 18 over $15 million which sold in the first quarter. That brings the total for 2003 to 26 portfolios over $15 million, for a total of $5.46 billion in assets sold, Hammer said. He also reported sales of 26 portfolios of less than $15 million, with 21 of those believed to come from credit unions. Data on portfolio sales is traditionally difficult to verify, but Keith Floen, a managing director with InfiCorp, a leading purchaser of credit union card portfolios, reported that this year’s purchases have been much the same as last years, with the bank buying seven portfolios as of the middle of the year. This year’s value of the portfolios has been a bit higher, he reported.

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