PORTLAND , Ore. , July 1, 2003 – AssetExchange, a leading brokerage firm for credit card portfolios, facilitated the sale two credit union credit card portfolios to Elan. The Fenton, Missouri-based Alliance Credit Union and Syracuse, New York-based P & C Employees Federal Credit Union will now be able to offer its members the world class credit card products and services provided by Elan.

“Anyone considering the sale of their credit card portfolio should consider talking to AssetExchange – they understand the unique challenges that credit unions face when dealing this complex issue,” said Dennis Sommer, CEO of the $111 million Alliance Credit Union ( Fenton, MO). “With their professional guidance and expertise, we considered a variety of options and scenarios. After analyzing the pro’s and con’s for both keeping and selling our portfolio we then pursued the challenging task of deciding on the best partner for Alliance. In our case Elan made the most sense; they were the right fit and we look forward to the expanded credit card products and services that Elan will provide our members.”

“Despite the relatively small size of our portfolio, AssetExchange worked diligently on our behalf to locate several competitive offers,” said Bill Carhart, CEO of the $8.5 million P & C Employees Federal Credit Union. “They walked us through the entire process and made sure that our decision to sell was an educated one. We are proud to be aligned with an organization like Elan and look forward to the many benefits this partnership will offer to our members.”

“We look forward to working with each of these credit unions to expand their credit card products, provide exceptional service, and reinforce the confidence and trust members have in the Alliance CU and P&C EFCU brands,” said Dan Roads, National Sales Manager for Elan. “We see excellent growth potential for each of these portfolios and are eager to progress with these partnerships.”

“Credit unions of any size can benefit from a careful review of their credit card portfolio performance and an evaluation of partnership opportunities,” said William C. Koo, CEO of AssetExchange. “These two portfolios illustrate that the market for credit union card portfolios is very strong and we are pleased to have assisted Alliance, P&C, and Elan with their partnerships.”

About Alliance Credit Union
Alliance was founded in 1948 to serve employees of Emerson Electric Co. Today they are a community chartered credit union serving 22,000 members, with four St. Louis area offices, and $111 million in assets.

About P & C Employees Federal Credit Union
Based in Syracuse, NY, the P&C Employee Federal Credit Union is a member-owned financial institution whose members include employees of the Penn Traffic Company, P&C Food Markets, Big M Supermarkets, Penny Curtiss Bakery, eligible Quality Market employees and the BiLo East Supermarkets. P&C Employees Federal Credit Union was founded more than 30 years ago and has more than 2700 members and $8.5 million in assets.

About Elan Financial Services
Elan, part of Minneapolis-based U.S. Bancorp (NYSE:USB),provides a complete range of transaction management products and services, including credit card issuing, ATM, debit card and merchant process to more than 3,000 financial institutions. Elan provides full service support and management tools, secured with a unique Service Guarantee.

About AssetExchange
AssetExchange is a credit card portfolio consulting and brokerage firm for credit unions and other financial institutions. Services include free Strategic Card Assessments, portfolio growth consulting, and the facilitation of credit card portfolio sales between credit unions and multiple credit card issuers. For additional information, please visit www.AssetExchange.com or call (503) 220-0007.