U.S. Bancorp Buys 2 CU Portfolios

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U.S. Bancorp announced its Elan Financial Services unit has acquired two more credit union credit cards portfolio, making almost 70 credit union portfolios acquired since the middle of last year.

The latest acquisitions are of Placer Community CU, Auburn, Calif., with 2,000 accounts and $3 million in receivables; and Liberty Alliance FCU, Royal Oak, Michigan, with 1,600 accounts and $1.6 million in receivables.

Under the respective deals, Elan will manage the credit card programs and the credit unions will continue to market the cards under their own brands.

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