ARLINGTON, Texas – Two Texas credit unions have announced plans to merge.
The $63-million Texas FCU in Dallas said its members have voted in favor of merging into the $1.7-billion Texas Trust CU in Arlington. The credit unions said the merger has been approved by NCUA and Texas Credit Union Department.
Texas Trust reported net income of just $16,115 at mid-year with net worth of 6.03%.
“By merging with Texas Trust, members of Texas Federal will become part of a community-based credit union that offers a full range of competitive financial services, including home and auto loans, credit cards, investment products and services, online and mobile banking, an international surcharge-free ATM network, and independent insurance and small business services, including SBA lending,” Texas Trust said in a statement.
Improved Opportunities for Employees
The CU added employees of Texas Federal will have access to a more robust benefits package and new career opportunities within TTCU.
Following the merger, the three Texas Federal locations will increase Texas Trust’s branch operations to a total of 22.
“More than half of our members live in DeSoto, Grand Prairie, Cedar Hill, Mansfield, Arlington, and other areas that Texas Trust already serves,” said Cathy Perry, president of Texas Federal Credit Union. “By joining Texas Trust, our members will now be part of a credit union that can give them financial products and services for every stage of life along with the convenience of locations near where they live and play.”
‘A Great Fit’
Added Texas Trust CU President/CEO Jim Minge, “The fact that so many Texas Federal members live in close proximity to existing Texas Trust locations make this merger a great fit. These members will now have all the financial products and services they need to make the credit union their primary financial institution.”
The newly combined credit union will more than 130,000 members.