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Portfolio Sales Flicker to Life Under Downturn

The economic downturn appears to have brought the market for credit union card portfolios flickering back to life, although brokers indicated that the market for CU card assets is no longer what it once was.

By David Morrison | Updated on May 28, 2009

The economic downturn appears to have brought the market for credit union card portfolios flickering back to life, although brokers indicated that the market for CU card assets is no longer what it once was.

An analysis of credit union call report data from the first quarter of 2009 prepared by Asset Exchange shows seven credit unions sold their card portfolios since the first of the year. The two largest were the $101 million card portfolio sold by the $1.7 billion Kern Schools Federal Credit Union, headquartered in Bakersfield, California and a $53 million portfolio from the $647 million American First Credit Union, headquartered in La Habra California.

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