Texas Federal Credit Union of Dallas on Sept., 30 announced it intends to merge with Arlington-based Texas Trust Credit Union.
The merger plans have been approved by the National Credit Union Administration, the Texas Credit Union Department, and the members of Texas Federal Credit Union.
Texas Trust Credit Union is adding members, staff, and locations to its footprint through a merger with Texas Federal Credit Union. Members of Texas Federal officially voted to become part of Texas Trust earlier this week. Conversion is expected to be complete by year end.
Members of Texas Federal Credit Union voted to approve the merger. The newly combined credit union will have 22 locations and more than 130,000 members, with assets of $1.7 billion. Texas Federal Credit Union locations will be rebranded under the Texas Trust banner.
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.
Employees of Texas Federal will have access to a more robust benefits package and new career opportunities within Texas Trust, according to a news release from the two credit unions.
The three Texas Federal locations will increase Texas Trust’s branch operations to a total of 22. As part of Texas Trust, Texas Federal members will have more convenient access to locations across the Metroplex.
“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.”
“The fact that so many Texas Federal members live in close proximity to existing Texas Trust locations make this merger a great fit,” said Jim Minge, CEO of Texas Trust Credit Union. “These members will now have all the financial products and services they need to make the credit union their primary financial institution.”
Minge added, “The Texas Federal DeSoto location is also a bonus for us, giving us an ideal location to serve existing members in this community.”