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Two Card Portfolios Head to Elan

PORTLAND, Ore. - AssetExchange, a leading broker of credit union card portfolios, has announced the sale of two more portfolios. The $111 million Alliance Credit Union, based in Fenton, Missouri and the $8.5 million P & C Employees Federal Credit Union, based in Syracuse, New York sold their portfolios to...

By Staff Writer | Updated on July 08, 2003

PORTLAND, Ore. – AssetExchange, a leading broker of credit union card portfolios, has announced the sale of two more portfolios. The $111 million Alliance Credit Union, based in Fenton, Missouri and the $8.5 million P & C Employees Federal Credit Union, based in Syracuse, New York sold their portfolios to Elan Financial Services. Elan is a part of the Minneapolis based U.S. Bancorp. Alliance’s card portfolio was valued at $6.8 million, and P&C’s at $870,000. Neither institution revealed the premiums their portfolios brought. “Credit unions of any size can benefit from a careful review of their credit card portfolio performance and an evaluation of partnership opportunities,” said William C. Koo, CEO of AssetExchange. “These two portfolios illustrate that the market for credit union card portfolios is very strong and we are pleased to have assisted Alliance, P&C, and Elan with their partnerships.”

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