- 4 -
B. Peoples Bank & Trust
Peoples Bank & Trust (PB&T), a bank the principal office of
which is in Tupelo, Mississippi, was engaged in the credit card
business, including issuing affinity credit cards. An affinity
credit card is a card designed for and marketed to members of a
group or organization. PB&T received finance charges, merchant
fees, and interchange income from affinity credit cards it had
issued.
In 1987, PB&T told petitioner it would like to issue
affinity credit cards for petitioner. Later in 1987, petitioner
sent letters to several financial institutions, including PB&T,
seeking proposals for an affinity credit card program.1 The
letter detailed the major features petitioner wanted in any
proposal.
Edwin Brown (Brown), a vice president of PB&T, answered
petitioner's letter and represented PB&T in affinity credit card
negotiations with petitioner. PB&T wanted permission to use
petitioner's mailing list, marks, and logos.
1Respondent contends that petitioner initiated the first
contact with PB&T. We have found otherwise on the basis of
Grafton’s and Edwin Brown's testimony. Respondent adduced no
evidence to the contrary.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011