September 4, 2009
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News: Elan Financial Acquires 2 New CC Portfolios
Elan Financial Services acquired two new credit card portfolios this week. Earlier this week, Elan's parent company, U.S Bank acquired three credit card portfolios from CitiGroup. One of the three, KeyBank, will now be partnering up with Elan Financial Services a division of U.S. bank in managing and marketing their credit card business. KeyBank, a division of KeyCorp based in Cleveland Ohio, offers a variety of banking services including commercial leasing, investment management, consumer finance, and individual and corporate banking products. In a statement made earlier this week, Jeff Chernivec, Senior Vice President and Market Director for Elan Financial said the company was looking forward to the new partnership and is pleased "to further broaden an already strong corporate relationship." Elan will begin servicing the KeyBank portfolio in end of June 2010.
In a separate deal, Elan Financial Services will be partnering with Associated Bank to service the bank's consumer and commercial credit card accounts. Associated Bank is based in Green Bay, Wisconsin and has branches throughout Wisconsin, Illinois, and Minnesota. The bank offers a full range of banking products including money market, debit and credit cards, mortgage loans, insurance products, and international banking. Mr. Chernivec stated that Associated Bank has a "strong brand and a loyal customer base." Associated Bank choose Elan because of its strong market knowledge. The bank is confident Elan will provide the premier products and service. Elan will take over the bank's portfolio in June of 2010. They continue to market the Associated Bank cards under the bank’s name with the intent to grow the portfolio.
Elan Financial Services offers a wide range of resource solutions in the management of debit and credit card services, merchant and ATM programs, regional and surcharge-free networks, technology leasing, lending programs and correspondent services. They are a leader in providing the highest sophistication in the industry in transaction processing and real-time transaction monitoring, fraud monitoring, reporting and marketing tools.