HOUSTON–Two Houston-area credit unions have announced plans to merge.
The $848-million First Service Credit Union and the $510-million People’s Trust FCU said they are seeking to combine to form an operation with nearly 98,000 members.
Plans call for First Service’s name, brand and charter to be the continuing name, brand and charter following the merger, with FSCU President/CEO Dave Bleazard leading the combined operation and PTFCU interim President/CEO Steve Branstetter serving as EVP.
The credit union said no employees would lose their jobs and the combined workforce would be approximately 250 people after the merger. In addition, the credit unions said in a statement that the current PTFCU board members would continue in their roles after the deal is completed, as well.
First Service CU reported $8.89-million in net income through Sept. 30, with net worth of 10.50%. People’s Trust reported $1.6-million in net income and net worth of 10.07%. The credit unions have not yet filed a disclosure report with NCUA that would share any plans for a capital distribution or bonus compensation to executives or board members related to the merger.
A vote on the merger by members of People’s Trust is to be held in early 2022.