Credit Card Portfolio Bought: Chase Manhattan Bank...

Credit Card Portfolio Bought: Chase Manhattan Bank will purchase the credit card portfolio of Michigan National Corp. for more than $220 million. The portfolio, held by the Independence One Bank subsidiary of Michigan National, consists of more than 1 million Visas and Master Cards with outstanding balances totaling about $1.1 billion. The addition of the portfolio will increase Chase’s cardholder base to 7 million accounts with total outstanding balances in excess of $8 billion.