TUSCALOOSA, Ala. — Alabama Credit Union signed a 10-year agreement with the National Alumni Association of the University of Alabama to issue an affinity credit card.
The two parties said this partnership furthers the relationship between the University of Alabama and the $671 million CU, whose main office is located on the university's campus.
The National Alumni credit card is a source of revenue for the National Alumni Association, a nonprofit membership organization that serves the University of Alabama and its alumni, students, parents and friends. A primary goal of the Association is the granting of scholarships to students at the university.
"The board and staff of Alabama Credit Union are extremely proud to be able to partner with the Alumni Association in this way," Steve Swofford, CEO of Alabama CU, said in a prepared statement. "We strongly believe our superior credit card products and the strength of the relationship will enable us to grow the current credit card base significantly over the years, benefitting the members of both organizations, and through our royalty payments to the NAA, the students applying for scholarships from the National Alumni Association."
"We firmly believe that Alabama Credit Union provides many additional positive benefits that other financial institutions could not offer," said Calvin Brown, director of Alumni Affairs at the University of Alabama. "First and foremost, the fact that Alabama Credit Union is local and has an enormous footprint throughout the region leads us to believe the potential number of National Alumni Association credit cards issued would far outnumber those issued by our previous provider. In addition, CEO Steve Swofford and his team at Alabama Credit Union are already great partners of the National Alumni Association in other endeavors. They are University of Alabama alumni and friends who will be wonderful advocates for our Association.
Alabama CU was chartered in 1956 and today has 25 branches across Alabama. Members of the UA National Alumni Association and its Chapters, and anyone who lives, works, goes to school or worships within many counties in Alabama is eligible to join.