MINNEAPOLIS--(BUSINESS WIRE)--Elan Financial Services (Elan) and Harborstone Credit Union (Harborstone) have renewed their partnership for another five years and successfully completed the credit card portfolio acquisition pertaining to their recent merger with Prevail Credit Union.
“Today, we have a better and bigger card program, offering more rewards and choices for our members,” said Phil Jones, CEO, of Harborstone Credit Union. “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. Elan has been an excellent partner, actively consulting with us to match our needs with their services.”
The initial decision to outsource was not an easy one for the Harborstone executive team. They determined that their credit card portfolio had stagnated and the credit union did not have sufficient resources to remain competitive with the national issuers bombarding their members.
Harborstone performed a two-year-long, in-depth analysis of all options available to them. The next step was to conduct detailed due diligence that vetted multiple partner companies. In the end, Harborstone selected Elan based on the proposed total program experience, portfolio management program, and remuneration to the credit union.
“While we revisit this decision from time to time, it remains one of the smartest strategic moves we have made,” John Renforth, SVP/Chief Sales & Service Officer said. “Evidence for this is based on the overall quality of the card program for our members and their increased card usage, the sustained revenue generated for the credit union, and the elimination of significant annual expenses and loss reserves.”
“We could never have matched the card management that Elan brings in terms of aggressive portfolio management, cutting-edge marketing and card-program offers. They are real pros and keep our card offerings among the best in the market,” said Phil Jones, CEO.
“We are thrilled that Harborstone has renewed its partnership with Elan,” said John Owens, Senior Vice President of Elan Financial Services. “The support that the program has received is woven into the sales culture at Harborstone and will continue to be successful because of management’s full support. We couldn’t be more excited about what is to come.”
As a card issuing partner, Elan Financial Services is dedicated to serving financial institutions with best-in-class credit card products and rewards that meet the unique needs of every cardmember. Elan’s end-to-end solution includes card servicing and marketing as well as branch support. For more information, visit www.cupartnerships.com.
About Harborstone Credit Union
Harborstone Credit Union is a $1.1 billion asset full service credit union with 17 branch locations in Washington State’s King, Pierce, and Thurston counties, serving more than 73,000 members, including local small businesses. www.harborstone.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 1,500 clients in 50 states. It provides transaction processing, terminal driving and the necessary monitoring and support services for over 33,000 ATMs nationwide, and supports more than 43 million ATM and debit cards. Elan also operates the MoneyPass Network with more than 23,000 surcharge-free ATMs nationwide and PIN POS service. For more information call 1-800-343-7064, or visit www.elanfinancialservices.com.