ARLINGTON, Texas–Two Texas credit unions have decided to put their trust in a merger.
The $1-billion Texas Trust Credit Union here and the $200-million Qualtrust CU of Las Colinas, Texas said they plan to complete a merger by the end of 2017 pending approval by state and federal regulators and the Qualtrust membership.
“The uniting of Qualtrust and Texas Trust will broaden the geographic reach and the services available to members,” the credit unions said in a statement. “On top of Texas Trust’s 17 locations, the combined credit union will have five additional branches in high growth markets in Flower Mound, Bedford, Las Colinas and San Angelo.”
The credit union said the greater economies of scale will also help drive future growth.
“After careful consideration, the boards and management teams of both credit unions collectively determined that we can achieve more together for our members than we can on our own,” said Jim Minge, president and CEO of Texas Trust Credit Union. “Together we can deliver greater value to our members, who are our number one priority.”
“Like Qualtrust, Texas Trust also shares a history of outstanding service and community involvement, which is important to our members,” said John DiChiaro, president of Qualtrust. “Our members will benefit from more choices in products and services as well as being part of one of the most respected and top-performing credit unions in Texas.”
The combined credit union will have more than 105,000 members and 21 locations.
Qualtrust was founded in 1948 as San Angelo Telco Federal Credit Union. Texas Trust Credit Union was created in 1936 by a group of Chance Vought Aircraft Corporation employees.