CompuCredit- Merrill Buy Credit Portfolio

CompuCredit Corp. on Wednesday said it joined an affiliate of Merrill Lynch & Co. and another partner in acquiring a $370 million credit card portfolio being jettisoned from BankFirst Corp. in its deal to be acquired by rival Marshall Bancorp Inc.
The financial services firm will have a 47.5 percent interest in the partnership buying BankFirst's credit card receivables. CompuCredit will also service the entire purchased portfolio for its partners.

The third partner acquiring BankFirst's credit card receivables was not disclosed in a press release.

Marshall Bancorp on Wednesday said it completed its acquisition of Sioux Falls, S.D.-based BankFirst.

Shares of CompuCredit fell 77 cents, or 3 percent, to close at $25.08 on the Nasdaq, while Merrill Lynch shares declined 21 cents, or less than 1 percent to finish at $58.09 on the New York Stock Exchange.

Author:  

Email:    

Topic:    

Content:

Related Articles

• Credit Card Companies Sneaky Tricks
  6 January 2005



• Credit card firms to donate all revenue from Cdn tsunami relief contributions
  6 January 2005



• Credit card use in India low
  4 January 2005



• Competition in credit card business stiff fierce this year
  4 January 2005



• Fitch- Stronger Labor Markets A Plus for US Credit Card ABS
  4 January 2005



• Police seek credit card theft suspects
  3 January 2005



• Victim Tracks Down Alleged Credit Card Thief
  2 January 2005



• Capital One Sued Over Credit Card Ads
  2 January 2005



• Police Warn Of Credit Card Thieves In Stores
  30 December 2004



• Credit card sting traps thousands
  27 December 2004