Dallas, TX – December 20, 2023 – ALM First, a strategic partner for depositories offering commission-free, fee-based advice, served as a consultant for Space Coast Credit Union, the third-largest credit union in Florida with over $9B in assets, throughout their recent auto loan securitization process.
This is the Credit Union’s first asset-backed securities issuance. The deal, which closed last week and is listed as SCCU Auto Receivables Trust 2023-1 (SCCU 2023-1), got upsized to $422.25M and its average spread tightened in to 112.6 basis points.
This is the eleventh public securitization to be completed in the entire industry since the NCUA’s June 2017 Opinion Letter affirming credit unions could conduct securitizations. It marks the fifth time ALM First has served as an advisor on such a transaction, and the seventh securitization the firm has assisted with from a capital markets perspective.
“In our role as a trusted advisor, we help credit unions gain access to a broader investor market and profitably access liquidity,” says Travis Goodman, Principal of ALM First. “In half of all industry securitizations to date, our team has helped credit unions strategically navigate the process, provided insights regarding where to price new loans for sale and executed strategies to lock in margin.”
“At Space Coast Credit Union, we prioritize our members and their financial needs with every decision and partnership we make,” said Timothy M Antonition, CEO of Space Coast Credit Union. “This securitization will benefit our members and our community by allowing us to continue offering affordable financing options for current and future members.”
About ALM First
ALM First was founded in 1995 as a strategic partner for depositories, offering an array of financial advisory services. The firm’s expertise in asset/liability management, fixed income portfolio management and hedging, has allowed it to deliver deeper insights into financial institutions’ balance sheets, strengthening their financial performance and building efficiencies. With approximately $70 billion of investments under management (as of December 31, 2023), ALM First Financial Advisors is an SEC-registered investment advisor, acting as an unbiased third party, offering commission-free, fee-based services to over 300 financial institutions across the country. In recent years, ALM First Group has expanded to include several wholly-owned subsidiaries including DDJ Myers, an ALM First Company and ALM First Executive Benefits, LLC. Driven by client needs, we now offer executive recruitment, strategic organization, board development, tailored executive benefits solutions and more to help financial institutions optimize their greatest assets – their people.
About Space Coast Credit Union
Space Coast Credit Union (SCCU) is state chartered with headquarters in Melbourne, Fla. since 1951. With over $9 billion in assets, SCCU serves more than 639,000 members in 34 counties, with 65 branches along Florida’s east coast. The Credit Union offers competitive rates on auto and home loans and credit cards as well as free checking and savings accounts. SCCU provides a service delivery network featuring nationwide ATMs, member service call centers, 24/7 online access and secure mobile banking. The Credit Union is committed to providing comprehensive financial protection to its members with cost-effective, convenient products and services. SCCU creates value in cooperative ownership through honest people, trusted products and time valued. For more information, visit SCCU.com.
About Platform Partners LLC
Founded in 2006, Platform Partners LLC is a private investment company based in Houston that makes investments in lower middle-market companies with the intent of growing these businesses into industry leaders through a combination of organic and acquisition growth. Platform invests through a perpetual holding company structure allowing for a long-term, patient approach to partnering with entrepreneurs to build companies. The company manages total assets of approximately $950 million. For more information, please visit platformllc.com.