Nearly eight years after its launch through Boeing Employees Credit Union, BECU Trust Co. is moving in a much bigger direction.
On July 7, BECU Trust announced its plans to merge with MEMBERS Trust Co. Under terms of the merger agreement, BECU Trust will gain an ownership interest in MEMBERS Trust. Headquartered in the Seattle 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.
If approved, the merger would create one of the industry's largest credit union-owned trust companies. The $4.3 billion Alaska USA Federal Credit Union said it has $13 billion in assets under management and administration with the bulk of its business coming from institutional investors rather than members.
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