U.S. Bancorp Makes Greater Inroads IntoCU Cards

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MINNEAPOLIS - (01/26/06) – U.S. Bancorp said Wednesday itElan Financial Services unit has has signed agreements with eightcredit unions to offer credit cards to their members. Elan is arecent entry to the credit union cards market and has beenacquiring credit union portfolios for the past year under somedeals that will allow it to manage the cards programs for thosecredit unions. Among the new credit union customers are: AutoWorkers FCU, West Mifflin, Pa.; Cleveland Police CU, Cleveland;Community Trust CU, Modesto, Calif. and Paragon FCU, Montvale, N.J.The deals come as two new credit union players have launched creditcard banks to acquire and manage credit union cards programs:Wescom CU and PSCU Financial Services, and Union FinancialServices, a partnership among CUNA Mutual Corporate One FCU, CardSystems For CUs and Certegy.

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