MILWAUKEE -- Elan Financial Services, a subsidiary of US Bank, has reported a strong first three quarters in 2006.
The card processing firm purchased credit union credit card portfolios worth $182.2 million in combined outstanding balances from Jan. 1 to Sept. 30, 2006.
Over $65 million in the outstanding balance total came from 16 card portfolios that the firm purchased in just the third quarter, the bank said.
"As a leading partner to credit unions, Elan is dedicated to providing members the best possible credit card program and at the same time helping credit unions level the playing field to generate even stronger member loyalty," said Dan Roads, first vice president of Elan.
"We are now finding that many more credit unions are beginning to see the benefits of operating as an agent versus issuer. By partnering with Elan they are able to keep control of the member relationship, which is absolutely essential, while at the same time delivering a highly differentiated credit card offering. They are, in effect, staying in the credit card business at a more competitive level while limiting exposure of members to an aggressive outside issuer," he said.