Direct Merchants Closes Banco Popular Deal

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Direct Merchants Credit Card Bank, National Association, St. Louis Park, MN, said Friday that it closed its purchase of Banco Popular's U.S. Bankcard Program.

The card portfolio has 283,000 accounts, 185,000 of which are active relationships. The two companies have signed an agent bank arrangement to offer bank card products to current and future customers.

Direct Merchants Credit Card Bank, National Association is a subsidiary of Metris Cos. Inc.

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