AUBURN, Calif. – Sometimes even after taking steps to grow a credit card portfolio they are not enough to prevent the sale of the portfolio, according to the CEOs of two CUs which recently made sales.
The $60 million Placer Community Credit Union, headquartered in Auburn, Texas and the $41 million Liberty Alliance FCU, headquartered in Lexington, Kentucky, each sold their card portfolios to Elan Financial Services, the card servicing subsidiary of U.S. Bancorp, according to Kessler Group, the broker that facilitated the sale.
Credit union executives reported that their CUs had made use of different promotional strategies offered by their card transaction processor, Fidelity National Information Services, but were not able to grow the portfolios enough to justify keeping them.
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