BOSTON -- Elan Financial Services, a subsidiary of US Bank, has purchased the credit card portfolio of the $250 million Potlatch No. 1 Federal Credit Union headquartered in Lewiston, Idaho. The purchase brings 5,000 card accounts worth $6.6 million in outstanding balances to Elan, according to the Kessler Group, which brokered the sale.
"The financial well being of our members is priority," said Chris Loseth, president and CEO, Potlatch No. 1 FCU. "We view credit cards as a tool to help our members transact their business and simplify their lives...not as a tool to get into debt and drive new revenue for the credit union. Any issuer that we chose to work with had to have a program that supported our values. As we explored our options, Elan was one issuer that stood out in
"Elan's program is unique," continued Loseth. "We are now able to offer cards with the features and service our members expect without adding incentives for them to carry higher balances or expose them to higher rates and hidden costs that most issuers favor today. This made partnering with Elan the right fit and natural choice."
"We are quite pleased that our new partners at Potlatch No. 1 Federal Credit Union selected Elan," said Dan Roads, first vice president at Elan Financial Services. "Our goal as a behind-the-scenes partner is to deliver the best credit card solutions to meet the needs of each and every credit union. It is so gratifying to see that more and more credit unions are choosing to partner with Elan so that the institution and their member-owners can reap the benefits of the most competitive credit cards available."