U.S. Bancorp announced that its Elan Financial Services unit has acquired the credit card portfolio from AurGroup Financial CU, the 22nd credit union portfolio acquired by the bank giant so far this year.
Under the deal, Elan Financial will continue to manage the 6,500 accounts and $9.5 million in receivables under the credit union's brand.
Elan Financial has emerged as one of the biggest purchasers of credit union cards portfolios and now manages credit card programs for more than 160 credit unions.
