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Elan Picks Up Michigan CU Card Portfolio

PONTIAC, Mich. - Jim Henmueller, CEO of the $97 million Chief Pontiac FCU is citing members' desires for more credit card rewards and lower rates as reasons for the CU to have sold its credit card portfolio to Elan Financial Services, a subsidiary of US Bancorp. "We realized that in...

By Staff Writer | Updated on April 11, 2006

PONTIAC, Mich. – Jim Henmueller, CEO of the $97 million Chief Pontiac FCU is citing members’ desires for more credit card rewards and lower rates as reasons for the CU to have sold its credit card portfolio to Elan Financial Services, a subsidiary of US Bancorp. “We realized that in order to meet these needs on our own, we would have to take on much more expense and risk, which was not an acceptable strategy,” Henmueller said, according to Kessler Financial Services, a Boston based card brokerage firm which brokered the deal. The sales brought 1,600 card accounts to Elan.

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