Cetera has extended its reach further in the credit union space with a new partnership in Florida.
Under the agreement announced Thursday, Cetera will bring its expertise to Eglin Federal Credit Union’s member-focused investment program, Eglin Wealth Management.
Cetera supports the wealth management programs of over 450 banks and credit unions through Cetera Financial Institutions, a specialized community within its subsidiary Cetera Investment Services.
Cetera has continued to grow its partnerships in the credit union sector this year, welcoming Hawaii State Federal Credit Union in March and California Coast Credit Union in August. Hawaii State Federal Credit Union is the largest credit union in Hawaii, with over 126,000 members and approximately $393 million in its investment services program. California Coast Credit Union, with $3.4 billion in assets, brought four financial professionals into Cetera’s network.
In March, Cetera also announced it had assembled a Credit Union Council, a forum for its credit union partners to exchange ideas and best practices.
Based in Fort Walton Beach, Florida, Eglin Federal Credit Union was founded in 1954 and serves about 125,000 members with over $2.8 billion in assets as of September 30.
LeAnn Rummel, president and CEO of Cetera Investment Services, expressed optimism at the new partnership.
“We welcome the Eglin team to the Cetera family and appreciate the trust and confidence they have placed in our capabilities and in achieving our shared goals together,” she said in a statement Thursday. “We look forward to helping the Eglin team expand and enhance their investment program and provide more members with financial planning and wealth management services for years to come.”
Cathie Staton, president and CEO of Eglin Federal Credit Union, emphasized the alignment between the two organizations.
“Cetera shares the credit union philosophy of people helping people, and they are committed to delivering excellent service,” Stathon said, highlighting Cetera's "expertise supporting credit unions, and their excellent reputation."
Collectively, Cetera Holdings oversees more than $521 billion in assets under administration and $224 billion in assets under management as of June 30.
It recently announced a significant leadership transition last week, revealing its CEO Adam Antoniades will step down at the end of this year. Following the transition, Mike Durbin, whom the firm hired last year, will fill the void as CEO of both the holding company and the broker-dealer network.
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