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Elan Buys Portfolio from New York CU

BOSTON - The $63 million SECNY credit union, headquartered in Syracuse, New York, has sold its credit card portfolio to Elan Financial Services, a subsidiary of U.S. Bank according to Kessler Financial, the firm which brokered the sale. The purchase brings Elan a $3.9 million portfolio with over 2,700 accounts,...

By Staff Writer | Updated on March 22, 2005

BOSTON – The $63 million SECNY credit union, headquartered in Syracuse, New York, has sold its credit card portfolio to Elan Financial Services, a subsidiary of U.S. Bank according to Kessler Financial, the firm which brokered the sale. The purchase brings Elan a $3.9 million portfolio with over 2,700 accounts, according to NCUA records as of September 2004. SECNY will have Elan continue to issue its cards in an agent relationship, Kessler said.

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