ALM First Buys Back WesCorp Shares
Nearly four years after the initial stock purchase, ALM First Financial Advisors LLC, a credit union financial advisory firm, said it has returned to a privately held, wholly owned status by buying back all shares previously purchased by Western Corporate Federal Credit Union.
The firm said its day-to-day operations remained 100% in-house after the 2006 stock purchase and the move will have no impact on the company's daily operations. With this buyback, the reins of the company are again in the hands of the original three partners-Angela Calvert, Emily Mor? Hollis and Thomas Manley.
"Our primary motives have always been the best interests of our clients and that will never change," said Calvert in an Oct. 4 statement. "We will continue to focus on our core businesses of ALM and investment advisory."
The NCUA placed WesCorp in conservatorship in March 2009. At the time of the seizure, Manley said ALM First did not expect an impact on the company's operations. It is not known if ALM First initiated the latest buyback move with WesCorp or whether it was a mutual decision and if the company has shares with other corporate credit unions. At one point, the firm managed the assets of at least eight corporates. According to ALM, it has $13 billion in assets under management and serves more than 130 clients.
In 2006, ALM First purchased the corporate's investment advisory book of business of WesCorp Investment Services LLC. The corporate had a minority ownership in the firm. Formed in the year 2000, WesCorp's credit union investment advisory service group had 14 clients with $1.7 billion under management the same year of the stock purchase. The acquisition gave ALM First more than $8 billion in funds under management and positioned the firm for continued expansion into key West Coast markets.
ALM First was launched by Eastern Corporate Federal Credit Union in 1995. EasCorp sold its 100% ownership stake in 2005 to Calvert, Hollis and Manley.
"We are now, and have always been, an unbiased third party to our credit union partners. They relied on us to usher them through these turbulent economic times, and we are proud our guidance helped them emerge strong and solid," Calvert said.