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May 22, 2008

L.L.Bean severs ties with BofA

L.L.Bean is ending its relationship with Bank of America, the issuer of the L.L.Bean Visa credit cards.

The Freeport retailer will switch providers on June 30, when its contract with the Charlotte, N.C.-based bank ends, Laurie Brooks, a company spokesperson, told Mainebiz this morning. Bank of America began contacting L.L.Bean cardholders last week about the change.

The new issuer of the L.L.Bean Visa card is a U.S.-based bank, but Brooks said details would not be released until late June. Brooks says the company in 2006 began looking at alternatives to Bank of America because customers had expressed an interest in a revised program and the size of the program had generated interest in administering the program among other banks. Brooks says 20% of the retailer's customers hold an L.L.Bean Visa card.

L.L.Bean began its credit card program with MBNA in 1996. Bank of America inherited the program when it bought MBNA in 2006.

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