In the latest move within the industry's wealth management space, Alaska USA Trust Co., a subsidiary of the $5.5 billion Alaska USA Federal Credit Union, is set to be acquired by Alaska Trust Co.
The two entities 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 in a statement. The stock's dollar amount was not provided.
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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