Notre Dame FCU Buys Trust & Estate Company
CEO says the goal is to extend wealth management services beyond the wealthy.
Notre Dame Federal Credit Union in Indiana has acquired an Arizona company to provide trust and wealth management services to a broader swath of Americans.
The credit union ($904.6 million in assets, 60,110 members) announced Wednesday that it had completed the purchase of Mission Management & Trust Co. of Tucson, Ariz.
The 28-year-old woman-run company is an Arizona-chartered, independent trust company, specializing in trust and estate services, asset management and securities custody. It has more than $200 million in assets under management.
“For far too long, trust and estate services were only tailored to meet the needs of high to ultra-high net worth clients,” Notre Dame FCU President/CEO Tom Gryp said.
“Through this acquisition, we will be able to scale trust and estate services to meet the needs of a much broader, and often overlooked, group of individuals and families nationwide,” he said.
Gryp, who visited Mission on Wednesday, said he welcomed the company’s clients and its 14 employees into the fold of the Notre Dame, Ind.-based credit union.
“Together, we will be able to offer even more services to more individuals in more communities than ever before,” Gryp said. “Putting people over profit, which is an essential part of both companies’ mission, will continue to be the cornerstone of our combined efforts.”
Carmen Bermúdez, Mission’s chair and CEO, said the company has received acquisition offers from several financial firms since she founded the company in Tucson in 1994.
“None showed how the combination with Mission would provide better service to our clients and to the communities we serve,” Bermúdez said.
“We were immediately attracted, however, to Notre Dame Federal Credit Union,” she said. “Their eight-decade history of excellent financial service plus a profound commitment to promoting community well-being blended perfectly with Mission’s financial and social objectives. We look forward to providing even stronger, more extensive services to Mission clients in the years ahead.”
McQueen Financial Advisors provided strategic insight and advised Notre Dame Federal Credit Union on this transaction.