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Article: First USA Purchases $4.9 Billion Credit Card Operation, Signs Agent Bank Agreement With Chevy Chase Bank.
- Article from:
- Business Wire
- Article date:
- September 3, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WILMINGTON, Del.--(BUSINESS WIRE)--Sept. 3, 1998--First USA, a BANC ONE CORPORATION (NYSE:ONE) company, announced today it has purchased the credit card operation of Chevy Chase Bank, FSB.
The portfolio includes $4.9 billion in managed credit card loans and 3.1 million Visa and MasterCard credit card accounts.
In connection with the transaction, 1,300 Chevy Chase Bank credit card employees and the company's credit card facilities in Frederick, Md., will become part of First USA. In addition, First USA and Chevy Chase Bank have entered into an agent bank agreement in which First USA will offer its credit card products to Chevy Chase customers ...