Alaska USA Trust Company Reaches $3 Billion in Assets

ANCHORAGE, Alaska – Nearly six years after opening for business, Alaska USA Trust Company has surpassed the $3 billion in assets under administration mark. Alaska USA Trust, a wholly-owned subsidiary of Alaska USA Federal Credit Union, received its Certificate of Authority to transact trust business from the State of Alaska, Department of Community and Economic Development, Division of Banking, Securities, and Corporations on July 14, 1997. The trust company currently serves more than 450 individual investors and 300 institutional investors. “Institutional and individual investors depend on Alaska USA Trust Company for a variety of investment, custody and trustee services,” said Bill Eckhardt, president of Alaska USA Trust. “With over $3 billion in assets under administration, it’s clear that the Trust Company provides investors with comprehensive services and real value.” In May, the trust company received authorization from the Federal Home Loan Bank (FHLB) of Seattle to provide document custody services to credit unions participating in the Seattle’s FHLB’s Mortgage Purchase Program. The company reviews collateral for eligibility under FHLB guidelines, and provides initial and final certifications, document safekeeping and collateral release. In addition to the trust company, Alaska USA Mortgage Company and Alaska USA Insurance Agency are the credit union’s two other subsidiaries. The credit union serves 253,000 members and has $2.2 billion in assets.