Method and device for processing network and storage related traffic is provided. The device includes a network port for interfacing with a network switch; a plurality of ports that receive a converged storage and network protocol related initialization request. Based on selectable criteria, a controller selects a port from among the plurality of ports to respond to the converged storage and network protocol related initialization request. The device also includes a translation module operationally coupled to the port for translating information between a converged network and storage protocol and a storage protocol; and a flexible port that is configured by a port controller to communicate with a storage system using the storage protocol or configured to operate as a network port communicating with a network device.