Credit One Bank (Credit One) is located in Las Vegas, Nevada and operates as a Competitive Equality Banking Act (CEBA) credit card bank. Designated CEBA financial institutions are restricted from accepting retail deposits or extending loans outside of their credit card operations.
Established by automotive pioneer Kjell Qvale in July 1984, Credit One began operations as a full service bank under the name of First National Bank of Marin (FNBM) in San Rafael, California. FNBM maintained a wide range of products until 1995 when it began focusing primarily on two types of products, partially and fully secured credit cards.
FNBM received a limited purpose designation from the Office of the Comptroller of the Currency (OCC) in June 1996. Limited purpose banks offer only a narrow product line. The bank moved from San Rafael, California to Las Vegas, Nevada in November 1998. FNBM was sold to Sherman Financial Group, LLC (Sherman), obtained its CEBA status in March 2005 and subsequently changed its name to Credit One Bank on February 1, 2006.
Credit One currently offers only unsecured Visa and MasterCard credit cards. Credit One’s target market is sub-prime borrowers who desire to either build or repair credit and ultimately become eligible for increased credit availability. Customer contact is made by telephone, through the mail and via the Internet.
As of 2008, Credit One has over 1,700 employees worldwide, including over 600 employed in Las Vegas.
Credit One is one of the largest issuers of Visa credit cards in the United States and is a wholly owned subsidiary of Sherman. Sherman is an integrated financial services company engaged in purchasing and servicing receivable portfolios acquired at a discount, and originating and servicing credit card receivables. The company consists of numerous asset holding and operating entities throughout the United States and in Mexico City, Mexico.
Management and corporate governance
Key people include:
- Robert DeJong: Chief Executive Officer, President
- Berkman Hong: Chief Operating Officer, Senior Executive Vice President
- John Andross: Chief Risk Officer, Executive Vice President
- Sam Dommer: Chief Marketing Officer, Executive Vice President
- William Zsiga: Chief Operations Officer, Executive Vice President
- Daranda Catto: Chief Information Officer, Executive Vice President
- Mamta Kapoor: Senior Vice President, Acquisition Marketing
- Bryan Vickery: Director of Interactive Marketing and Corporate Brand Management
- Michael Ryan: Senior Vice President, Human Resources
- Jim Carollo: Senior Vice President
- James Shaughnessy: Vice President, Director of Transaction Services
External links
- Credit One Bank's main web site at CreditOneBank.com
- Credit One Bank's AcceptMyCard.com
- Credit One Bank's Design My Card at CreditOneStyle.com
- The VISA Black Card by Credit One Bank at TheVisaBlackCard.com
- Credit 101 from Credit One Bank
This article is licensed under the GNU Free Documentation License.
Last updated on Wednesday September 24, 2008 at 12:05:28 PDT (GMT -0700)
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