American Savings Sells Credit-Card Portfolio

American Savings Bank said Friday that it has sold its $140-million credit-card portfolio to GE Capital Consumer Card Co.

The bank was one of the few savings institutions that still maintained its own credit-card business. Great Western Bank and Home Savings of America also recently sold their portfolios.

“Although the credit-card business has been profitable for us, the size of our portfolio has been declining under steady competition from larger institutions able to offer incentives and discounts we were not able to take advantage of,” said Joe Rookard, spokesman for American Savings.