Elan Picks Up Three CU Portfolios

Elan Financial Services, a subsidiary of US Bank, has purchased the credit card portfolios of three more CUs.

By David Morrison | August 09, 2007 at 06:20 AM

MINNEAPOLIS — Elan Financial Services, a subsidiary of US Bank, has purchased the credit card portfolios of three more CUs.

The agreement to buy the portfolios and enter into agent issuing relationships with the $205 million Connexus Credit Union, headquartered in Wausau, Wisconsin; the $60 million Hermantown Credit Union, headquartered in Hermantown, Minnesota and the $50 million Family First Credit Union headquartered in Saqinaw, Michigan brings Elan an additional $13 million in assets and 9,200 accounts, Elan said.

The firm said the purchase means it now manages credit card agent relationships with 172 credit unions nationwide, more than any other card portfolio buyer.

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