First Bankcard has acquired 10 credit card portfolios, totaling $285m, from FIA Card Services.
The acquisition includes the portfolios of nine financial service providers includes New York Community Bank with more than 1,000 branches.
Earlier in 2011, First Bankcard reached an agreement with Chrysler Group to serve as its new card issuer.
First Bankcard president Stephen Eulie said that the acquisition adds to the momentum they’ve been building over the past year, including their new relationship with Chrysler Group. Today’s acquisition is about more than adding portfolios.
In addition to the New York Community Bank portfolio and the former Chrysler Financial portfolio, the acquisition includes relationships with Apple Bank, Chemical Bank, First Bank, First Farmers and Merchants and Old National Bank.
Conversion of the portfolios is expected in 2012.