Saint Paul, Minn.-based Sunrise Banks NA filed an application with the Office of the Comptroller of the Currency for its proposal to enter into a cardholder account assignment agreement with Wilmington, Del.-based Bancorp Bank.
Under the agreement, Sunrise Banks is seeking to assume certain prepaid card accounts established by Bancorp Bank through JNR Inc., a third-party service provider. As of April 29, the prepaid card account liabilities to be purchased and assumed by Sunrise Banks are about $4.7 million, representing account balances on 65,173 prepaid card accounts, which include primarily corporate-funded incentive and loyalty accounts.
Additionally, Sunrise Banks intends to purchase certain other assets related to JNR Inc. from Bancorp Bank. These assets include the financial records documenting transactions made on the prepaid card accounts and all outstanding balances, cardholder agreements, prepaid card plastics, bank identification numbers assigned for the accounts, information relating to customers, and other records.
Sunrise Banks hopes for the approval of its application by Oct. 1.