<p>CARSBAD, Calif. – Nine of the largest CUs in the country have purchased 60% of the outstanding shares of XCU Capital Corp., and within a new business model, have formed a “more diverse” broker dealer to serve members’ financial planning needs. As a result of the transaction, XCU Capital will double the number of clients and the assets under administration to over 50,000 and $1.5 billion, respectively. California CUs signing the purchase agreement and five-year client agreement are TRW Systems FCU; SAFE CU; Premier America CU; Travis CU; Schools Financial CU; The Golden 1 CU; and WesCorp. In addition, State Employees’ CU, Raleigh, N.C. and Mountain America, Salt Lake City, Utah are also part of the group. Xerox FCU, which founded XCU Capital in 1987, joined the nine other credit unions in 2000 in conducting an independent evaluation of broker dealer alternatives. It agreed to sell down its interest in XCU Capital and continue as a client. The group of nine CUs has a combined total of $15.7 billion in assets and more than 1.9 million members.</p>

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