NC-based CCB Financial Corp. is throwing in the towel on its consumer credit card business. CCB announced Monday it will outsource its consumer credit card business to MBNA. Under terms of the agreement, CCB will become an agent bank of MBNA, and MBNA will purchase approximately $150 million in consumer credit card receivables from CCB’s specialized credit card bank, CCB-Georgia and CCB-Georgia’s affiliate banks, Central Carolina Bank and Trust Company and American Federal Bank, FSB. According to CardData ([www.carddata.com]) CCB has about 70,000 active accounts. The CCB/MBNA sale will close this week. CCB expects to recognize an after-tax gain of approximately $.48 per diluted share. CCB will continue to offer business credit cards in its markets and will retain its existing portfolio of business credit card receivables.
CCB FINANCIAL CARD PORTFOLIO (4Q/98)
Ann Volume: $275,000,000
Source: CardData (www.carddata.com)