WINSTON-SALEM, N.C. — Bank of America has rolled into the market for credit union card portfolios in a big way, picking up one of the largest CU credit card portfolios to have been sold in years.
The $1.1 billion Allegacy Federal Credit Union has sold is credit card portfolio to FIA Card Services, the newly christened name Bank of America has given to its subsidiary MBNA America Bank.
The sale shifts 23,000 card accounts worth $63 million in outstanding balances to Bank of America and away from card processor Fidelity National Information Services. Allegacy was a member of Card Services for Credit Unions, the association of credit unions that process their card accounts with FIS.
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