In an unusual move to expand its business services footprint, Anheuser-Busch Employees' Credit Union has signed an agreement to serve the existing retail and business customers of Stifel Bank and Trust.
The $1.2 billion ABECU in St. Louis signed a purchase and assumption agreement with the bank that will allow it to offer its 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, certificates of deposit and business investment funds.
"Timing is everything. Stifel Bank and Trust decided that offering retail services and having a retail location did not fit into their long-term strategy," said Pier Alsup, senior vice president of marketing and business development at ABECU. "The credit union was interested in the acquisition since it would allow us to enter the business loan sector with an established book of business"
A comment from St. Louis-based Stifel Bank was not available by press time. According to its website, the 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. The bank said it chose not to participate in the Transaction Account Guarantee Program, which allows banks with noninterest-bearing transaction accounts to have unlimited coverage by the FDIC. The program is a part of the Temporary Liquidity Guaranty Program, a program adopted by the FDIC in October 2008 to encourage liquidity in the interbank lending market.
Alsup said the head of the bank's business services department was interested in coming to ABECU to head up its division "so along with the business accounts, we gained an experienced professional and are able to retain the established relationships."