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.
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From the June-22, 2005 issue of Credit Union Times Magazine • Subscribe!
Elan Takes Two Massachusetts CU Portfolios
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