EDISON, N.J. – Pinnacle FCU said yesterday it has sold its $13 million, 5,000 account Visa card portfolio to Elan Financial Services as part of an agent issuing contract.
Under the deal, Elan will offer new accounts to members who currently do not carry the Pinnacle FCU VISA credit card.
Elan, a unit of U.S. Bancorp, has more than 40 years of experience as an agent credit card issuer with more than 1,700 partners, 400 of which are credit unions.
“Pinnacle is excited to partner with Elan to enable us to offer the members multiple credit card options and extraordinary service. Several providers were considered; however, Pinnacle felt Elan had the credit union experience, track record and attention to service that we needed,” said Harry Jacobson, president/CEO of Pinnacle.
“Credit card programs can be expensive and time consuming to manage,” said Jacobson. “This new relationship allows Pinnacle to focus on its core competencies while positioning Elan to provide enhanced service and card product options to the membership: a relationship that will be beneficial to Pinnacle’s members for years to come.”
TRK Advisors brokered the credit card deal.
The portfolio sale closed in June 2011 with a conversion to Elan’s processing systems anticipated within the next several months. The terms of this sale will not be disclosed.
