BancVue has reached an agreement to purchase the Silverton credit card portfolio from Federal Deposit Insurance Corporation (FDIC).
The portfolio is comprised of credit card accounts representing nearly 700 agent bank relationships and will be managed under the name BancVue Card Assets.
This acquisition is expected to double BancVue’s client base.
BancVue chairman Don Shafer said that this acquisition will help BancVue empower its client partners to compete with megabank-branded credit cards.
“There are thousands of community financial institutions across the country that want to be full-service providers to their account holders and having their own branded card will help them be just that. In fact, we intend for these cards to become ‘top of wallet,’ literally replacing the cards branded by the megabanks,” Shafer said.
BancVue said that for those institutions that may not want to build their own credit card portfolios, it has teamed up with First Arkansas Bank & Trust of Jacksonville, Arkansas to serve as a sponsor bank.