In a move rarely seen in the industry, Anheuser-Busch Employees' Credit Union has signed an agreement allowing it to serve the retail and business customers of Stifel Bank and Trust.
The $1.2 billion ABECU in St. Louis, Mo. signed a purchase and assumption agreement with the bank that will allow it to offer 550 customers the same services available to members including branch and ATM network access beginning May 1. The CU will continue to offer business account services that Stifel Bank offered its business clients before the agreement. Those products include one to four family investment properties, business mortgages, lines of credit, installment loans, checking, interest checking and certificates of deposit and business investment funds.
ABECU Senior Vice President of Marketing and Business Development Pier Alsup said the credit union was interested in the acquisition because it allows the CU to enter the business loan sector with an established book of business.
ABECU also purchased the bank's building for an undisclosed amount where its name will replace the Stifel Bank name. The full-service location in Crestwood, Mo. will become the CU's ninth branch. ABECU and its division, American Eagle Credit Union, currently operate 27 branches nationwide.
According to its website, Stifel Bank was organized in 2001 and chartered in January 2002 by the Missouri Division of Finance. Its board of directors includes 11 local business owners.