Quantcast
Credit

Fifth Third to Buy Quad City’s Credit Card Business

Print
Email
Reprints
Twitter
LinkedIn
Facebook
Google+
Partner Insights

Fifth Third Bancorp has agreed to buy a credit card portfolio from Quad City Bank & Trust.

The $122 billion-asset Cincinnati company will also buy Quad City’s servicing operations. Quad City is a unit of the $2 billion-asset QCR Holdings in Moline, Ill.

"We believe we have found a partner … that understands and believes in the delivery of relationship banking,” John Anderson, Quad City’s president and chief executive, said in the release.

Quad City did not disclose the size of its card business or the amount Fifth Third will pay for it. QCR reported $599 million in credit card processing fees last year.

SEE MORE IN

Email Newsletters

Get the Payments Update and the Morning Scan when you sign up for a free trial.

Already a subscriber? Log in here
Please note you must now log in with your email address and password.