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.
