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Home > BizTimes Daily > Archives > September 4, 2009
Elan acquires Associated Bank's credit card portfolio
Published September 4, 2009 - BizTimes Daily
Associated Bank's credit card portfolio has been acquired by Minneapolis-based Elan Financial Services, which has entered into a strategic partnership with the Green Bay-based bank to provide its consumer and commercial customers with a suite of credit card services.
Associated Bank's credit card portfolio was owned by CitiBank.
"Elan became the obvious choice as we looked for the right provider for our credit card business. Elan knows our markets well and will provide our customers with best-in-class products and service. We are excited about this new partnership," said Valentine Glytas, senior vice president and director of consumer lending services at Associated Bank.
"Associated Bank is a premier partner, with a strong brand and a loyal customer base," said Jeff Chernivec, senior vice president and market director at Elan Financial Services. "Elan continues to focus on developing strategic partnerships in the agent financial institution market. We are extremely pleased to partner with Associated Bank."
By purchasing Associated Bank's credit card portfolio, Elan provides behind-the-scenes support and structure for the program, which will continue to be branded and marketed under the Associated Bank name with the common goal of growing the portfolio. The portfolio will be converted in the second quarter of 2010, and all of the new products and services will be made available to clients at that time.
