Elan Financial Services acquires $ 700 million in credit card portfolios from financial institutions

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MINNEAPOLIS – (COMMERCIAL THREAD) – Elan Financial Services, a unit of US Bancorp (NYSE: USB), has completed the acquisition of the credit card assets of 28 financial institutions, in a portfolio comprising approximately $ 700 million in overdue balances. The wallet, which includes small business and consumer cards, was acquired from FIA Card Services, NA. Terms of the deal and the purchase price were not disclosed.

Among the 28 financial institutions, the portfolio includes cards offered by financial services company Edward Jones to its clients through its network of more than 11,000 US financial advisers.

By purchasing this portfolio of credit card assets, Elan will own the assets but will continue to brand and market the credit cards under the names of the respective financial institutions. Current customers can 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 president and head of payment services at US Bancorp. “They are valued financial services partners for millions of Americans and we share their commitment to adding high quality financial services to their clients that can help them achieve their goals.”

By partnering with Elan, financial institutions offer their customers a competitive credit card product bearing the financial institution‘s logo and backed by full support from Elan’s sales and marketing. Customers will benefit from 24-hour customer service and fraud monitoring from one of the country’s most sophisticated and experienced credit card issuers.

About Elan Financial Services

Elan Financial Services provides a full range of processing and payment services, including credit card issuance, prepaid card solutions, and ATM and debit card processing. Elan Financial Services is a leading issuer of credit cards for more than 1,700 customers in the United States. It provides transaction processing, terminal operation, and monitoring and support services to more than 27,000 ATMs nationwide, and supports more than 20 million ATMs and debit cards. Elan also owns and operates the ATM network at no additional cost, MoneyPass. For more information, call 800-343-7064, or visit www.elanfinancialservices.com.

About US Bancorp

US Bancorp (NYSE: USB), with $ 330 billion in assets as of September 30, 2011, is the parent company of US Bank, the fifth largest commercial bank in the United States. The company operates 3,089 bank offices in 25 states and 5,092 automated teller machines and offers a full line of banking, brokerage, insurance, investment, mortgage, trust and payment products to consumers, businesses and to institutions. US Bancorp and its employees are dedicated to improving the communities they serve, for which the company won the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit US Bancorp on the web at www.usbank.com.


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