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  1. #1

    Default US Bank/ELAN Card Services

    MINNEAPOLIS--(BUSINESSWIRE)--Dec. 21, 2011-- Elan Financial Services, a unit of U.S. Bancorp (NYSE:USB), has completed the acquisition of the credit card assets of 28 financial institutions, in a portfolio comprising approximately $700 million of outstanding balances. The portfolio, which includes small business and consumer cards, was acquired from FIA Card Services, N.A. The terms of the agreement and purchase price were not disclosed.

    Among the 28 financial institutions, the portfolio includes cards offered by financial services firm Edward Jones to its clients through its network of more than 11,000 U.S. financial advisors.

    By purchasing this portfolio of credit card assets, Elan will own the assets but will continue to brand and to market the credit cards under the respective financial institution names. Current clients may continue to use their existing cards until Elan issues new cards in mid-2012.

    “This portfolio of financial institutions represents a significant opportunity for Elan,” said Pamela Joseph, vice chairman and head of U.S. Bancorp Payment Services. “They are highly regarded financial service partners to millions of Americans and we share their commitment to adding high quality financial services for their clients that can help them achieve their goal.

    By partnering with Elan, financial institutions provide their clients with a competitive credit card product branded with the financial institutions’ logo and backed with full sales and marketing support from Elan. Customers will receive 24-hour customer service and fraud monitoring from one of the most sophisticated and experienced credit card issuers in the nation.
    Last edited by Wanderer; April 29th, 2012 at 06:14 PM.

  2. #2

    Default Re: US Bank/ELAN Card Services

    Didn't U.S. Bancorp purchase Elan Financial a while ago?

  3. #3

    Default Re: US Bank/ELAN Card Services

    Quote Originally Posted by hjm331 View Post
    Didn't U.S. Bancorp purchase Elan Financial a while ago?
    Yes. It is now Elan Card Services for cards not directly issued by US Bank itself. Similar to BankAmericard and FIA Card Services. Other banks using the cards don't want to see Bank of America or US Bank on the back of their card so instead they see FIA Card Services or Elan Card Services.

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