MINNEAPOLIS — Elan Financial Services, a subsidiary of U.S. Bank, has announced the purchase of three more credit union card portfolios and the launch of another. The buys bring the card issuer $40 million in additional balances, the firm said.
“Financial institutions are facing tough competition at every turn,” said Jeff Chernivec, senior vice president and market director for sales and business development at Elan. “A partnership with Elan allows the financial institution to offer competitive credit card products, eliminate liability and continue to offer a high level of member service while generating additional revenue.”
The new clients operate in Alabama, California, Idaho, Illinois, Iowa, Michigan, Nebraska, Nevada, New York, Ohio, South Carolina, Texas, West Virginia, and Wisconsin, the firm said in prepared announcement which did not give the names of the credit unions.
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