Park National Corporation Announces Alliance With Elan Financial Services and Elavon, Inc. to...

Credit Card Accountholders and Merchants Gain Access to More Features NEWARK, Ohio, Oct. 10, 2008 (GLOBE NEWSWIRE) -- Through its subsidiary The Park National Bank, Park National Corporation (Park) (AMEX:PRK) today signed definitive agreements with Elan Financial Services (Elan) and Elavon, Inc. (Elavon), both of which are wholly-owned subsidiaries of U.S. Bancorp (NYSE:USB). Under the agreements, Elan will purchase The Park National Bank's unsecured credit card portfolio and Elavon will acquire substantially all of its merchant bankcard processing portfolio (also called merchant servicing portfolio). These portfolios include accounts from each of Park's 12 Ohio-based banking divisions. Park's local banking professionals will continue to sell and support credit card related services, and cards issued by Elan will bear the... [read full story]