BOSTON — The $215 million Neighborhood Credit Union, headquartered in Dallas, has sold its credit card portfolio to Elan and entered into an agent relationship with the firm, which is a wholly-owned subsidiary of U.S. Bank.
The announcement of the sale was made by the Kessler Group, the Boston-based firm which handles many of Elan's purchases. The purchase brings 5,200 card accounts worth $7.5 million to Elan, Kessler said.
"At Neighborhood, we have dedicated ourselves to providing our Members outstanding products and service for 75 years," Sammy Shanafelt, chief financial officer for Neighborhood Credit Union was quoted in a prepared statement. "So when our Members asked us to issue credit cards with a better rewards program and low rates, we were determined to partner with a Credit Union-friendly issuer with the clout to deliver a world class program. Elan was that partner, bar none."
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