The market for credit union credit card portfolios has gone fairly quiet over the last few years, but Elan Financial Services has announced the purchase of another one. This one from the 4000 member, $46 million Dayton Firefighters Credit Union, headquartered in Dayton, Ohio. The CU had a roughly 800 card account portfolio worth almost $2 million in balances as of the end of March of this year, according to NCUA records.
Elan is a subsidiary of U.S. Bancorp.
Dayton Firefighers will continue to issue the cards through an agent relationship with Elan.
“We are very impressed with Elan’s ability to offer an exceptional credit card program and ongoing support for our employees,” said Jennifer Carmack, accounting and operations manager for Dayton Firefighters Credit Union. “We look forward to using Elan’s in-branch promotions and incentives, which we think will be key factors in communicating the member value associated with these card products.”
Elan has agent issuing relationships with 375 credit unions.