DALLAS–Two Texas credit unions said they have received regulatory approval to move forward with a merger that is set to be completed later this year.
The $749.8-million Resource One Credit Union and the $17.1-million A New Direction Credit Union said they plan to combine, adding ANDCU’s 2,700 members to Resource One’s 68,000.
“It is our honor to welcome A New Direction Credit Union members and employees to Resource One Credit Union,” said Mary Beth Spuck, president/CEO of R1CU. “Resource One members will have access to additional branches conveniently located in the North Dallas area. This merger helps place our already strong credit union in a better position to serve all our members in the coming years.”
‘Best Days to Come’
Added Suzanne Chism, president/CEO of ANDCU said, “The board of directors and management want to thank all of ANDCU's member-owners for their loyalty and let them know that exciting things are about to happen. Our decision will allow more opportunities, convenience, and an assortment of products and services to help with their financial needs. Both credit unions are instilled with the same value of people helping people. The best days are yet to come."
R1CU currently has 11 locations, and ANDCU operates two branches in Dallas.
Resource One reported net income of $2.73 million as of mid-year, with capital of 9.26%. A New Direction CU posted a $43,492 loss, with capital of 5.98%.