Alabama Credit Union has selected Cetera Financial Institutions as its new third-party broker-dealer, Cetera announced on Wednesday.
Cetera will work closely with the Tuscaloosa, Ala.-based credit union to strengthen the institution's relationship with its 65,000 members and expand its investment services program, which has approximately $40 million in brokerage assets, Cetera said.
"We felt they were the firm that would be able to move our program forward in a way that best suited the needs of our members," Alabama CU's President and CEO Steve Swofford said in a statement.
Alabama CU's investment program, which was previously with CUNA Brokerage Services, is 12 years old and employs two people. The duo offers financial planning services, investments and insurance.
Alabama CU is one of Alabama's fastest-growing credit unions, more than tripling its membership over the past three years, according to Cetera. Its members live, work or attend school in more than 20 counties in Alabama and in one county in Florida. It has 24 branches in Alabama.
"We are eager to work with Cetera Financial Institutions, who will help ensure our clients remain at the center of our investment strategies and business decisions," Jennifer Beatty, the program's investment executive and one of its two team members, said in a statement. "By providing us with enhanced resources, we're better able to service our membership and improve their client experience."
Alabama CU is the seventh institution to join Cetera's broker-dealer platform this year. The TPM firm serves more than 600 banks and credit unions nationwide.
"We are excited to welcome the Alabama Credit Union Investment Services team to our platform and look forward to helping them realize their growth aspirations," Cetera's President and CEO Catherine Bonneau said in a statement.
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