BECU Trust Acquired By MEMBERS Trust Co.
TUKWILA, Wash. – BECU announced this afternoon that its wholly owned BECU Trust Co. is merging into credit union-owned MEMBERS Trust Co. to form the largest CUSO for trust services, with some $865 million under management.
Headquartered in the Seattle suburb of Tukwila, Wash., BECU Trust has over $165 million in assets under management. MEMBERS Trust Co. has over $700 million in assets under management
Under the deal BECU Trust staff will be employed by the $9.5 billion credit union and continue to reside at BECU’s Tukwila Financial Center.
“The combined organization will provide us with access to additional staff, expertise, and technical support, which will expand the services we are able to provide to our current and future members, without sacrificing the personal relationships that we develop,” said Gary Oakland, president of BECU, the one-time Boeing Employees CU.
MEMBERS Trust currently has offices located throughout the country, and employs numerous professionals with expertise in all aspects of wealth management.
Completion of the deal is pending regulatory approvals.