With 67% of its 42,000-member base maintaining a checking account at Alabama Credit Union, the cooperative is on a mission to be a one-stop shop.
"I hate to send members to other financial institutions," said Steve Swofford, president/CEO of the $360 million CU in Tuscaloosa, Ala. "It doesn't make sense to send [them] to banks where they could end up moving other assets there as well."
While it's been a few years in the making, Alabama CU is finally ready to offer trust services to its members. Starting July 1, they will have access to trust and asset management services through an alliance with the CU-owned MEMBERS Trust Co. in Tampa, Fla. Referrals will come through a MEMBERS Financial Services representative at the CU serving as liaison to the trust company. A local network of attorneys stands ready to help with any legal documentation.
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