U.S. Bancorp Expands CUReach

May 11, 2006, 1:00 a.m. EDT 1 Min Read

MINNEAPOLIS - (05/11/06) Elan Financial Servicespurchased 16 credit unions' credit card portfolios with a combinedtotal outstanding balance of $76 million during the first quarter,the U.S. Bancorp subsidiary reported Wednesday. Under its agentagreements, Elan buys the card portfolios, then manages the creditunions cards program with the credit unions ownbrand. Over the past two years Elan has become a major player inthe market for credit union cards. In the last two quarters, Elanbought 34 credit union credit card portfolios, representing $139million in outstanding credit card balances.

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