MINNEAPOLIS, Minn. — Three more credit unions have reported selling their credit card portfolios to Elan Financial Services, a subsidiary of US Bank, Elan has said.

The agreement to buy the portfolios and enter into agent issuing relationships with the $205 million Connexus Credit Union, headquartered in Wausau, Wisconsin; the $60 million Hermantown Credit Union, headquartered in Hermantown, Minnesota; and the $50 million Family First Credit Union headquartered in Saqinaw, Michigan brings Elan an additional $13 million in assets and 9,200 accounts, Elan said.

The firm said the purchase means it now manages credit card agent relationships with 172 credit unions nationwide, more than any other card portfolio buyer.

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.