July 27, 2011 10:00 AM Eastern Daylight Time
MINNEAPOLIS & EDISON, N.J.--(BUSINESS WIRE)--Pinnacle Federal Credit Union (FCU) is partnering with Elan Financial Services to provide credit card products and services to its nearly 24,000 members. This includes the purchase of the existing portfolio of approximately $13 million in balances and more than 5,000 accounts. Elan will also offer new accounts to members that currently don’t carry the Pinnacle FCU VISA® credit card. Elan has more than 40 years of experience as an agent credit card issuer with more than 1,700 partners, 400 of which are credit unions.
“Credit card programs can be expensive and time consuming to manage. This new relationship allows Pinnacle to focus on its core competencies while positioning Elan to provide enhanced service and card product options to the membership: a relationship that will be beneficial to Pinnacle’s members for years to come.”
“Pinnacle is excited to partner with Elan to enable us to offer the members multiple credit card options and extraordinary service. Several providers were considered; however, Pinnacle felt Elan had the credit union experience, track record and attention to service that we needed,” said Harry R. Jacobson, CPA, president/chief executive officer of Pinnacle. “Credit card programs can be expensive and time consuming to manage. This new relationship allows Pinnacle to focus on its core competencies while positioning Elan to provide enhanced service and card product options to the membership: a relationship that will be beneficial to Pinnacle’s members for years to come.”
“We’re pleased that Pinnacle has chosen Elan to help manage its credit card program,” said Jeff Chernivec, senior vice president and market development director at Elan Financial Services. “With more than 40 years of experience partnering with credit unions, Elan has the experience to work with Pinnacle to provide its members a robust card program, best-in-class servicing and effective marketing programs to drive deeper member relationships.”
Pinnacle FCU engaged TRK Advisors as its advisor for the sale process. “I have seen few organizations develop and articulate its reasons for this decision as clearly and as carefully as Pinnacle,” said Tim Kolk, president of TRK Advisors.
The portfolio sale closed in June 2011 with a conversion to Elan’s processing systems anticipated within the next several months. The terms of this sale will not be disclosed.
About TRK Advisors
TRK Advisors offers a variety of credit card program management services, including portfolio sale and agent program development advisory service for more information 603-924-4438 or visit trkadvisors.com.
About Pinnacle Federal Credit Union
Pinnacle Federal Credit Union, founded in 1962, is a full service financial institution offering a wide array of loan and deposit products, and convenience services. With assets of $150 million, Pinnacle provides service to nearly 24,000 members from over 250 sponsor companies. Pinnacle strives to deliver financial products to its members at the lowest possible cost, and to educate members on how to best utilize those products and services. For more information call 800-742-5050, or visit www.pinnaclefcu.com
About Elan Financial Services
Elan Financial Services provides a complete range of processing and payments services, including credit card issuing, prepaid card solutions and ATM and debit card processing. Elan Financial Services is a leading credit card issuer for more than 2,000 clients in 50 states. It provides transaction processing, terminal driving and the necessary monitoring and support services for over 27,000 ATMs nationwide, and supports more than 20 million ATM and debit cards. Elan also operates the MoneyPass surcharge free ATM network. For more information call 800-343-7064, or visit www.cupartnerships.com.
