U.S. Bancorp Builds CU CardsServicing

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MINNEAPOLIS - (07/03/06) – U.S. Bancorp announced Fridaythat its Elan Financial Services unit has acquired the credit cardportfolio from AurGroup Financial CU, the 22nd credit unionportfolio acquired by the bank giant so far this year. Under thedeal, 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 ofcredit union cards portfolios and now manages credit card programsfor more than 160 credit unions.

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