Alaska USA Trust Co., a subsidiary of the $5.5 billion Alaska USA Federal Credit Union, will be acquired by Alaska Trust Co.
The two entities have entered into a letter of intent whereby ATC will acquire all the outstanding stock of Alaska USA Trust from Alaska USA FCU in Anchorage, the credit union said.
The transaction is subject to the negotiation of a definitive stock purchase agreement, approval by the Alaska Division of Banking and Securities and approval by the respective boards of directors.
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The parties are targeting a closing and effective date of July 31, according to Alaska USA Trust.
Institutional trust services will continue to be provided to credit unions, public entities and other institutional clients through CU Trust Company, a newly formed trust company, wholly owned by the credit union, said William Eckhardt, president of Alaska USA FCU.
Alaska USA Trust has been providing investment custody and securities lending services to institutional investors since 1997. According to the latest figures available, the trust company had more than $55 billion in assets under administration.
Alaska Trust Co. is an independent, Alaska-chartered trust company offering trust administration and wealth management services nationwide. The company administers more than $5 billion of assets and has been operating in Anchorage for more than 17 years, according to the credit union.
"The combined resources of these two experienced Alaska-based trust companies, with similar commitments to local service and value, will provide even greater benefits to individual clients in the future," said Glenn Cipriano, president of Alaska USA Trust. "The commitment to individual trust clients and excellent service are values both companies share."
In addition to expanded investment management and trust administration options, the transaction will also result in trust-related job opportunities in the local area, said Douglas Blattmachr, president of Alaska Trust Co.
This transaction is the latest move within the credit union trust services sector.
Last July, BECU Trust Co., the wholly owned subsidiary of the $12.6 billion BECU in Tukwila, Wash., merged with MEMBERS Trust Co., the Tampa, Fla.-based, nationally-chartered, credit union-owned trust firm, on July 29. The firm's new name became BECU Trust Services.
In 2007, Members Trust Co. of Colorado also merged into MEMBERS Trust bringing in additional $100 million in assets and an increase in trust officers available to credit unions.
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