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 goals.”
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.
About Elan Financial Services
Elan Financial Services provides a complete range of processing and payments services, including credit card issuing, prepaid card solutions and ATM and debit card processing. Elan Financial Services is a leading credit card issuer for more than 1,700 clients across the United States. It provides transaction processing, terminal driving and the necessary monitoring and support services for over 27,000 ATMs nationwide, and supports more than 20 million ATM and debit cards. Elan also owns and operates the MoneyPass surcharge free ATM network. For more information call 800-343-7064, or visit www.elanfinancialservices.com.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $330 billion in assets as of Sept. 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,089 banking offices in 25 states and 5,092 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.