FOR IMMEDIATE RELEASE
September 27, 2006
BROOKWOOD CAPITAL is pleased to announce the successful establishment of a credit card
partnership between Allegacy Federal Credit Union (Winston-Salem, North Carolina) and FIA
Card Services, N.A. Under this agreement FIA has purchased Allegacy’s existing credit card
portfolio and will issue credit cards for the credit union under Allegacy’s name. As of June 30,
2006 Allegacy reported about 23,000 credit card accounts and $63 million in receivables among
its more than 100,000 members. The credit union has approximately $1.1 billion in total assets
and operates branches in North Carolina, New Jersey and New York.
Brookwood advised Allegacy on the transaction. In describing the evaluation process, Darryl
Worrell, Chief Operating Officer of Allegacy, said "We engaged Brookwood Capital to assist us
in the partner selection process and to help us determine what option was best for our members.
Brookwood brought a level of expertise that ensured our evaluation process would result in the
best possible outcome for Allegacy, and the terms of the partnership we have established with
FIA is proof that they did a great job."
“We were very pleased that Allegacy has selected us to be their partner” said Jeff Fincher, Senior
Vice President at FIA Card Services.
This portfolio represents the largest credit union portfolio sale in several years and the second
year in a row where Brookwood has served as advisor for the largest credit union credit card
portfolio sale. In last year’s largest transaction, Brookwood served as advisor to Oregon
Community Credit Union in the sale of their $43 million portfolio.
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.
20 Grove Street
Peterborough, New Hampshire 03458