BOSTON – Elan Financial Services has purchased the credit card portfolios of the $42 million University Credit Union, headquartered in Boston, and the $291 million Freedom Credit Union headquartered in Springfield, announced Kessler Financial, the firm which brokered the sale. According to NCUA records, the purchase brings Elan a $4.7 million portfolio with just over 1,600 accounts from University and a $4.6 million portfolio with 3,400 accounts from Freedom. Both credit unions will have Elan, which is a subsidiary of U.S. Bank, continue to issue its cards in an agent relationship, Kessler said.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.