BECU Trust Company Announces Merger with Members® Trust Company
Posted in Press Room on Aug. 22, 2013
MEMBERS® Trust Company, FSB
Phone: (888) 727-9191
Fax: (813) 631-9191
Phone: (206) 439-5906
Fax: (206) 760-2140
BECU TRUST COMPANY ANNOUNCES MERGER WITH MEMBERS® TRUST COMPANY
Tukwila, WA July 8, 2013 – BECU Trust Company ("BTC") is pleased to announce completion of its merger on July 1, 2013 with MEMBERS® Trust Company (“MTC”), owned and managed by not-for-profit credit unions. MTC is the surviving entity.
BTC’s professional staff will continue to reside at their current location and provide trust and investment services to existing and new clients through MTC as BECU Trust Services. This merger brings together two credit union-owned trust companies with shared service values and a deeper professional footprint for the benefit of members and nonmembers in the Seattle and greater Washington area.
BECU Senior Vice President of Member Operations, Scott Strand will become a member of MTC’s board of directors as part of this close realignment of MTC and BECU in the provision of trust and investment services.
Since inception in November 2003, MTC has grown to over $1 billion in assets under management providing credit unions and their members a wide array of trust and investment products to meet varying corporate and lifecycle needs.
Tom Walker, President and CEO of MTC, commented, “We are pleased BECU chose MEMBERS® Trust Company as its partner. The decision by BECU is an endorsement that a national trust company owned by America's Credit Unions is the right model to best meet the trust and investment needs of members. The Board, the Staff, and the credit union owners of MEMBERS Trust Company® welcome BECU and appreciate its confidence in our mission and people.”
Benson Porter, President and CEO of BECU quote: “We are looking forward to the expanded trust services that this merger will bring for BECU members while enabling them to be served by the same trust professionals at BECU.”
MEMBERS® Trust Company is a federal thrift regulated by the Office of the Comptroller of the Currency with over $1 billion in assets under management. MEMBERS® Trust Company is owned by credit unions nationally and CUNA Mutual and provides trust and investment services to credit unions, their members, and community residents.
Governed by a volunteer Board of Directors, BECU is a not-for-profit credit union owned by the members. Earnings are returned to the members in the form of better rates and fewer fees. With more than 800,000 members and more than $11.0 billion in assets, BECU is the largest credit union in Washington and one of the top five financial cooperatives in the country. BECU currently operates over 40 locations in the Puget Sound region. All Washington state residents and students attending Washington colleges and universities are eligible to join. For more information, visit www.becu.org.