U.S. Bancorp Picks Up Two More CUPortfolios

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MINNEAPOLIS - (05/22/06) – U.S. Bancorp announced Fridayits Elan Financial Services unit has acquired two more credit unioncredit cards portfolio, making almost 70 credit union portfoliosacquired since the middle of last year. The latest acquisitions areof Placer Community CU, Auburn, Calif., with 2,000 accounts and $3million 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 cardprograms and the credit unions will continue to market the cardsunder their own brands.

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