The merger could potentially form the largest trust services CUSO in the country.
Under terms of the merger agreement, BECU Trust Co. will gain an ownership interest in MEMBERS Trust Co. Headquartered in the Seattle, Washington area BECU Trust has over $165 million in assets under management. The Tampa, Fla.-based MEMBERS Trust has over $700 million in assets under management.
Pending regulatory approval, when the merger is complete, to ensure that members and clients will continue to receive personal service, the BECU Trust staff will be employed by BECU and will continue to reside at BECU’s Tukwila Financial Center, according to both firms.
“It was important for us to ensure that we continue to maintain the professional and personal relationships that we have developed with our members” said Gary Oakland, president/CEO of BECU. “The combined organization will provide us with access to additional staff, expertise, and technical support, which will expand the services we are able to provide to our current and future members, without sacrificing the personal relationships that we develop.”
“MEMBERS Trust Company is honored to have been selected by BECU to become its partner in the delivery of trust services. Consolidating the two entities is good for members, our respective credit union owners and the credit union industry as a whole. American consumers are seeking new entities to put ‘service’ back into financial services. This cooperative initiative creates a stronger entity to do just that for trust services,” said Tom Walker, CEO of MEMBERS Trust.