SAN ANTONIO–Members of Express-News FCU here were told the credit union is considering a merger with Randolph-Brooks FCU in Live Oak, Texas. Fittingly, the news was first reported by the Express-News.
According to the report, the $7.1-million Express-News FCU began searching for a merger partner after being told by San Antonio Express-News Publisher Susan Pape that she couldn’t guarantee the credit union would continue to operate rent-free in the newspaper’s downtown building after this year.
The credit union occupies space on the first floor of the newspaper’s building at 301 Avenue E, the Express-News reported.
‘Not Feasible’
Members were told it wasn’t feasible for the credit union to relocate, according to two people who attended its annual meeting, the Express News stated, adding, ENFCU CEO Tammy Murray declined to comment to the publication.
“At this time, the merger is under consideration by the Express-News Federal Credit Union,” Randolph-Brooks spokesman Salvador Guerrero said in an email. “Randolph-Brooks Federal Credit Union cannot comment on any further information pertaining to ENFCU.”
Express-News FCU union’s members likely will vote this summer on the merger, the Express-News said. The deal also would require approval from the NCUA and, if approved, the merger is expected to occur by Oct. 1.
Express-News FCU has approximately 960 members, a number that has declined as the newspaper had also announced reductions.
The $9.5-billion Randolph-Brooks FCU has approximately 824,000 members.