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
this regard."
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