Boeing CU’s Trust Unit in Pact With MEMBERS Trust
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.
Serious discussions about BECU Trust’s next steps followed with a review of local and national trust companies as potential merger partners, including MEMBERS Trust, Oakland said. Those talks also included the option of remaining independent.
In the end, BECU Trust felt that an alliance with MEMBERS Trust was the right one for several reasons. Oakland said the organization was in keeping with the cooperative model and the merger would still give BECU Trust the ability to design its local presence in a way that would benefit members the most. Their investment criteria were also very similar. Having like minds was key when it comes to serving members’ unique estate planning and investment needs.