Bank of the Sierra Partners with Elan
June 15 2007 - 5:47PM
PR Newswire (US)
PORTERVILLE, Calif., June 15 /PRNewswire-FirstCall/ -- Bank of the
Sierra (NASDAQ:BSRR) today announced a strategic partnership with
one of the nation's leading providers of credit card processing --
Elan Financial Services, a wholly owned subsidiary of U.S. Bancorp
(NYSE:USB). As part of this partnership, Bank of the Sierra sold
its credit card portfolio to Elan effective June 1, 2007. The
credit card portfolio includes consumer and commercial credit card
accounts with outstanding balances of $10.5 million. Elan will
continue to issue credit cards branded with the Bank of the Sierra
name, but will carry the balances on its own books and will
ultimately be responsible for all servicing aspects. "We chose a
partnership with Elan Financial Services because of their world
class solutions, solid reputation and unsurpassed experience in
this field," stated Hope Attenhofer, S.V.P. and Director of
Marketing. "This partnership with Elan will allow us to provide the
credit card products our customers want, with the highest level of
service and support available." About Elan Financial Services With
more than 1,600 financial institution partnerships in place, Elan
Financial Services is one of the nation's leading providers of
complete outsourced solutions with a focus on payments and card
processing. About Bank of the Sierra With over $1.2 billion in
assets and strong performance ratios, Bank of the Sierra operates
as the largest community independent bank headquartered in the
Southern San Joaquin Valley Heartland. The bank serves 15 different
communities with 21 branches, an Ag Center and an SBA Loan Center.
For more information visit the web site at
http://www.bankofthesierra.com/ or call (888) 454-BANK. DATASOURCE:
Bank of the Sierra CONTACT: Kenneth Taylor, Executive Vice
President & Chief Financial Officer, or Hope Attenhofer, Senior
Vice President & Marketing Director, +1-559-782-4900 or
1-888-454-BANK, both of Bank of the Sierra Web site:
http://www.bankofthesierra.com/
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