PORTLAND , Ore. , October 13, 2004 – AssetExchange, the leading independent credit card portfolio brokerage firm, has brokered the sale of three credit union credit card portfolios to two different buyers.

AssetExchange conducted portfolio performance assessments and competitive partnership searches on behalf of each credit union. The following credit unions each received up-front premiums on the sale of their portfolios, and formed agent-bank partnerships that will result in co-branded credit cards and ongoing revenue-sharing:

• North Jersey Federal Credit Union in Totowa, NJ, sold an $8.3 million credit card portfolio to InfiCorp.
• New Horizons Community Credit Union in Denver, CO, sold a $1.9 million credit card portfolio to Elan.
• California Preferred Credit Union in San Francisco, CA, sold a $1.1 million credit card portfolio to Elan.

“Working with AssetExchange was a refreshing experience,” said North Jersey Federal Credit Union Vice President of Lending, Lourdes Garcia.  “They provided us the objective, highly detailed financial and strategic assessment so we could make our own decision to keep or sell.  All of our questions were answered fully and promptly.  AssetExchange never pressured us to sell and only shared our data with buyers after obtaining our approval.”

“We are pleased to have assisted each of these credit unions in making strategic decisions about their credit card portfolios,” said AssetExchange CEO, William Koo. “Clearly, there is no ‘one-size-fits-all’ buyer in the market. Our brokerage process ensures that credit unions have the opportunity to consider multiple partnership options to find the best fit for their credit union.”