Harborstone Credit Union, a US-based $1.1bn asset full service credit union, has extended its partnership with Elan Financial Services for another five years and completed the acquisition of credit card portfolio, following the recent merger with Prevail Credit Union.
Selection of Elan by Harborstone was based on its total programme experience, portfolio management programme, and remuneration to the credit union.
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Harborstone CEO, Phil Jones, said they have a better and bigger card programme, offering more rewards and choices for their members.
"It all happened without any direct cost to the credit union and with revenues that have met and exceeded the net revenue before our Elan program due to the more than doubling of outstanding balances. We explored options for our credit card program and determined that Elan offers the best combination of service, products and pricing," Jones added.
Elan senior vice president, John Owens, said the support that the programme has received is woven into the sales culture at Harborstone and will continue to be successful because of management’s support.
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