MEMBERS Trust Company Plans Merger With MEMBERS Trust Company of Colorado
Boards OK Merger; Shareholders, Regulatory Approvals Next
September 11, 2006 TAMPA, FL – Two of the credit union industry’s largest trust companies plan to join forces to form a new credit union trust company. MEMBERS Trust Company, based in Tampa, FL, plans to merge with Members Trust Company of Colorado to provide credit unions and their members greater access to trust services.
The merger resolution has been approved by the Boards of Directors of each company and must be approved by each company’s shareholders, the Colorado Division of Banking, the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS).
MEMBERS Trust Company, the nation’s first independent national trust company owned by credit unions and CUNA Mutual Group, would be the surviving entity and Tom Walker, MEMBERS Trust Company’s President/CEO, would serve in that role following the merger. Members Trust Company of Colorado would convert to an operating division and Tim Kenczewicz, current CEO of Members Trust Company of Colorado, would serve as president of the division under terms of the merger plan.
In addition to Suncoast Schools Federal Credit Union and CUNA Mutual, MTC is owned by 33 credit unions. MEMBERS Trust has $202 million in assets and serves 51 credit unions throughout the United States. More information is available at www.memberstrust.com.
Members Trust of Colorado is owned by nine leading Colorado and Wyoming credit unions, Colleague Services Corporation, a subsidiary of the Colorado Credit Union League, and SunCorp Corporate Credit Union (SunCorp). Members Trust of Colorado has $120 million in assets and provides trust services to seven credit unions in Colorado.