Ten Credit Unions Sell Card Portfolios With Asset Exchange

PORTLAND, Ore. – Asset Exchange, a leading independent broker of credit unions’ card portfolios reported that it has brokered the sale of 10 credit union portfolios, the majority of which settled in January 2005. The firm reported the names of seven of the 10 that sold their portfolios but withheld the names of three. The seven are the $137 million Old Hickory Employees CU, Old Hickory, Tennessee; the $274 million Sun Community FCU, El Centro, California; the $233 million Triangle Credit Union, Nashua, New Hampshire; the $105 million Community Financial FCU, Broomfield, Colorado; the $183 million Guardian Credit Union, West Allis, Wisconsin; the $55 million Advantage Plus FCU, Pocatello, Idaho; and the $47 million Windsor Locks FCU, Windsor Locks, Connecticut. Five of the seven sold their portfolios to InfiCorp, and two sold their portfolios to TNB Card Services, the brokerage reported. The listed portfolios brought 20,000 accounts to InfiCorp worth roughly $36 million in receivables, according to NCUA’s data as of September 2004.