Responding To Demand, BECU Introduces Trust Service
Boeing Employees' Credit Union believes it has become the first credit union in the state of Washington to
The new BECU Trust Co. is a subsidiary of BECU Financial Services-a wholly owned subsidiary of BECU, the fourth-largest
The new trust company received its official letter of authority March 6, according to its president, Bonnie Pladson.
Pladson, who has worked in the trust business for 19 years at banks and trust companies, said she was hired June 1, 2002, by
"Helen was brought in partly because of her experience in trust services," explained Pladson. "Being one of the largest credit
BECU is not the first credit union or group of credit unions to offer trust services, but Pladson acknowledged that for the most
"A few credit unions have dabbled in trusts, but maybe some haven't been successful because they don't have the right people, or
After BECU hired Hitchcock, she directed a survey to the credit union's members to gauge the level of interest in trust services.
BECU then examined its bylaws, and decided the best way to offer trust services was as a subsidiary of a subsidiary. Pladson said
By Feb. 1, Pladson had hired five staff members with a combined 71 years of trust experience.
Conservative Expectations For Year One
BECU Trust Company projects it will administer $15 million in total assets by the end of its first year. Pladson said the estimate is
"It is a long process. It is not unusual for a trust company to take six to eight months to get an account on the books," she said.
Even though BECU Trust Company is a subsidiary of a credit union, it can offer trust services to non-members-up to 49% of its