Blair Goes into the Banking Business

Hoping to better manage its credit-card operations, apparel and home goods cataloger Blair Corp. is launching the JLB Service Bank as a wholly owned subsidiary. The bank’s products will involve the extension of credit on an unsecured basis to Blair customers for purchases of Blair merchandise.

Blair isn’t deterred by the problems other catalogers, most notably Spiegel, have incurred from their banking subsidiaries. “Blair’s credit policies and credit-granting initiatives will not change,” says senior vice president/chief financial officer Bryan J. Flanagan.