Park National Corp. (PRK) said Friday that it has agreed to sell unsecured credit card portfolio of its subsidiary, Park National Bank, to Elan Financial Services and Elavon will acquire substantially all of its merchant bankcard processing portfolio.
Elan Financial Services and Elavon are wholly-owned subsidiaries of U.S. Bancorp (USB).
Park's local banking professionals will continue to sell and support credit card related services, and cards issued by Elan will bear the local Park affiliate bank name. The transfer of portfolio ownership is expected to lead to more robust choices and features for Park's clients.
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