EasCorp enters agreement to sell ALM First Financial Advisors CONTACT: Margaret Blankers
Margaret Blankers Public Relations Group, LLC
(913) 451-2844 ▫ mjblankers@kc.rr.com
EasCorp enters agreement to sell ALM First Financial Advisors
Management buyout planned for 10-year-old advisory firm
Woburn, Mass., January 7, 2005 – Eastern Corporate Federal Credit Union (EasCorp) announced today it has completed a transaction that will provide one hundred percent ownership of ALM First Financial Advisors, LLC (ALM First) to the firm’s president, Emily Hollis and members of her management team, Tom Manley, and Angela Calvert.
“When EasCorp launched ALM First nearly 10 years ago, it led the way as a nationally focused, independent advisory service for credit unions. Since then, ALM First has set the standard for programs by other service providers, and we believe it is well- positioned to lead its future direction,” said Jane Melchionda, EasCorp’s president/CEO, who also is ALM First’s first and only chairman. “Throughout our history, EasCorp has focused on developing product and service innovations, such as ALM First, to satisfy credit unions’ financial needs,” she said. “Now, it’s time for EasCorp to innovate again
and for ALM First to make use of opportunities a separate structure will permit .”
“Clients’ confidence in ALM First has allowed the firm to grow to almost $8 billion in credit union funds under management,” Hollis said. “We could not have done it without EasCorp’s backing and encouragement. Now we’re looking forward to this next chapter in ALM First’s development.”
Both organizations see the management buyout as good news for EasCorp’s members and ALM First’s clients. EasCorp’s Melchionda says EasCorp plans to use proceeds from the sale for research and development projects. And according to Hollis, ALM First clients will benefit from the firm’s new direction because, as a separate entity, it can pursue areas outside the corporate credit union realm.
Since EasCorp launched ALM First in 1995, the CUSO has become the nation’s leading provider of advisory services to credit unions. Over the years, ALM First has added specialty products such as mortgage servicing rights valuation analyses, hedge consulting through the use of derivatives, and other valuable services.
EasCorp will provide a consultative role to ALM First for the foreseeable future.
About EasCorp
EasCorp serves more than 350 natural-person credit unions throughout the United States from offices in Woburn and Holyoke, Mass. EasCorp provides credit unions with a variety of deposit, loan and investment products; asset/liability management and consulting services; check and share draft processing, correspondent, and statement-production and rendering services. For more information, call (800) 428-1144, or visit EasCorp at www.eascorp.org.
About ALM First
ALM First Financial Advisors, LLC, is an SEC-registered investment advisor, providing balance-sheet management and consulting services to many of the nation’s largest credit unions. ALM First has nearly 100 clients. A fee-based service, ALM First works with credit unions to offer objective, independent advice. For more information, call (800) 752-4628, or visit ALM First online at www.almfirst.com.
# # #
|
