BOSTON - Elan Financial Services has purchased the credit card portfolios of the $42 million University Credit Union, headquartered in Boston, and the $291 million Freedom Credit Union headquartered in Springfield, announced Kessler Financial, the firm which brokered the sale. According to NCUA records, the purchase brings Elan a $4.7 million portfolio with just over 1,600 accounts from University and a $4.6 million portfolio with 3,400 accounts from Freedom. Both credit unions will have Elan, which is a subsidiary of U.S. Bank, continue to issue its cards in an agent relationship, Kessler said.
Elan Takes Two Massachusetts CU Portfolios
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!