RALEIGH, N.C. (2/5/13)--State Employees' CU invested $25 million in a Charitable Lead Trust to benefit the National Credit Union Foundation and the Carolinas Credit Union Foundation.
|State Employees' CU, Raleigh, N.C., invested $25 million in a Charitable Lead Trust created by MEMBERS Trust Co. The investment will generate an annual contribution of about $125,000 each for the National Credit Union Foundation and Carolinas Credit Union Foundation. From left, are: Tom Walker, MEMBERS Trust Co. president/CEO; McKinley Wooten, SECU board chair; and Bucky Sebastian, NCUF executive director. (Photo provided by State Employees' CU)|
The trust will generate an annual contribution of about $125,000 each for NCUF and CCUF.
"Our credit union's $25 million investment provides members with an opportunity to address the financial needs of foundations serving the credit union industry at the national and local level," said McKinley Wooten, board chairman of Raleigh, N.C.-based SECU.
Charitable Lead Trusts are commonly used by donors to make charitable contributions. They are structured to allow donors to create customized charitable gifts and investment plans.
Under the terms of the NCUF Charitable Trust, MEMBERS Trust Co. FSB will act as the trustee and asset manager. Since 1987, MEMBERS Trust Co. FSB has been cooperatively owned and managed by credit unions nationwide, including the $25 billion asset SECU.
Two SECU senior executives serve as board members of Charitable Lead Trust partner organizations. Mark Twisdale, SECU Foundation executive director and SECU senior vice president of human resources, serves as an NCUF board member, and Bill Umphlett, SECU senior vice president of financial advisory services, serves on the MEMBERS Trust Co. board.