MINNEAPOLIS--(BUSINESS WIRE)--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 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
Source: U.S. Bancorp
U.S. Bank Public Relations
Teri Charest, 612-303-0732