BOSTON - Elan Financial Services, a subsidiary of U.S. Bancorp, has purchased another CU credit card portfolio, according to the Kessler Group, the firm which brokered the sale. The $156 million 1st Pacific Credit Union, headquartered in Vallejo, California, sold its card program to Elan and entered into an agent relationship with the bank issuer. The sale brings Elan a card portfolio of over 2,200 accounts, worth $3.5 million in outstanding balances, the broker said. "After we compared other card programs it became clear that we needed a rewards program capable of appealing to a diverse audience," says Larry Tierney, CEO, 1st Pacific Credit Union, "and that we didn't have the resources internally to deliver such a product. By partnering with Elan, 1st Pacific is now able to provide the products and services our members had been asking for."
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From the March-22, 2006 issue of Credit Union Times Magazine • Subscribe!
Elan Picks Up Another One
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