BROOKWOOD CAPITAL is pleased to announce the successful establishment of a credit card partnership between St. Cloud Federal Credit Union (St. Cloud, MN) and The Members Group Financial Services. Under this agreement, TMGFS has purchased St. Cloud’s existing credit card portfolio and will issue credit cards for the credit union under the credit union name. This represents the first closed portfolio sale for TMGFS, which announced the founding of its new credit card agent program in 2007.
Based on NCUA reporting, the existing portfolio included more than 2,500 credit card accounts and approximately $3 million in receivables among St. Cloud’s 11,400 members. The credit union has approximately $76 million in total assets.
Terms of the sale were not disclosed.
BROOKWOOD CAPITAL is the leading advisor to credit unions related to the credit card industry, including brokerage, consulting and advisory services to credit card issuers nationwide. Inquiries can be directed to: Timothy Kolk, Managing Partner, Brookwood Capital, 20 Grove Street, Peterborough, New Hampshire 03458. (603) 924-7215.