ANCHORAGE, Alaska (6/9/14)--Alaska Trust Company (ATC) is acquiring the trust division of Alaska USA Trust Co. (AUTC), a subsidiary of $5.5 billion, Anchorage-based Alaska USA FCU.
ATC will acquire all the outstanding stock of AUTC. The transaction is subject to the negotiation of a stock purchase agreement, and approval from the Alaska Division of Banking and Securities and the boards of both companies (Securities Lending Times June 6). The deal is expected to be completed by the end of July.
ATC is an independent trust company offering administration and wealth management services throughout the United States.
The company administers more than $5 billion of assets and has been operating in Anchorage for more than 17 years. AUTC is a provider of investment custody and securities lending services to institutional investors.
"The combined resources of these two experienced Alaska-based trust companies, with similar commitments to local service and value, will provide even greater benefits to individual clients in the future," said Glenn Cipriano, AUTC president. "The commitment to individual trust clients and excellent service are values both companies share."
Alaska USA FCU said it will set up a new subsidiary, CU Trust Co., so that it can continue to provide institutional trust services to its clients.