MINNEAPOLIS, Minn. — Three more credit unions have reported selling their credit card portfolios to Elan Financial Services, a subsidiary of US Bank, Elan has said.
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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