PASADENA, Texas–The $392.3-milion Essential Credit Union said it has expanded across state lines and into Baton Rouge, La., through a merger with Priority Postal Credit Union.
Pasadena, Texas is a suburb of Houston approximately 263 miles west of Baton Rouge. The $2.56-million Priority Postal CU had approximately 375 members according to its Sept. 30 call report, which showed the CU posted a $197,890 loss, with net worth of 8.46%.
According to the credit unions, the deal has been approved by the Louisiana Office of Financial Institutions and Texas Credit Union Department. Essential CU said it is in the process of rebranding Priority Postal Credit Union's lone branch.
Essential, founded more than 50 years ago by Dow Chemical employees, recently established itself as a state-chartered credit union. That allows it to expand outside of Louisiana, without the membership being limited to a common geographic or occupational bond, the credit union reported.
Allows for Expansion
Richard Williams, president and CEO of Essential, said the credit union welcomes the opportunity to expand into metro Houston.
"This merger will allow Essential to grow within the Texas market while continuing to offer a personalized member experience coupled with the latest banking trends and technology," said Essential CU CEO Richard Williams in a statement.
Priority Postal Credit Union was founded in 1966 as Pasadena Postal Credit Union.
Essential Credit Union has more than 46,000 members.
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