U.S. Bancorp Penetrates Deeper Into CUCards

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MINNEAPOLIS - (03/13/06) – U.S. Bancorp said Friday itsElan Financial Services has acquired another credit union creditcard portfolio, that of 1st Pacific CU, in Vallejo, Calif. Theportfolio consists of 2,200 accounts and $3.5 million inreceivables. Under the deal, Elan will manage the portfolio andcontinue to issue the cards under the credit union’s name.Elan has become a major player on the credit union cards market andpurchase 35 credit union portfolios with more than $138 million inloans in them last year.

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