Johnstown, PA-based U.S. Bank confirmed Friday the sale of its credit card portfolio to First National Bank of Omaha. The portfolio consists of 16,878 credit card accounts with outstanding balances totaling $13.3 million. The portfolio was sold for a 16% premium. U.S. Bank will recognize a $1.2 million after tax gain on the transaction in the second quarter of 1999. Under terms of the agreement U.S. Bank entered into an agent bank agreement with First National Bank of Omaha.
First National Nebraska (Omaha) Snapshot
(First Quarter 1999 Data)
RECEIVABLES Q VOLUME ACCOUNTS ACTIVES CARDS
$3,240,733,000 $1,031,269,000 3,780,272 1,618,373 4,838,748
Source: CardData (www.carddata.com)Details