Arlington-based Texas Trust Credit Union and Qualtrust Credit Union of Las Colinas announced today they are merging.
The newly combined credit union will begin joint operations under the Texas Trust banner by the end of 2017, pending regulatory approval by the National Credit Union Association and the Texas Credit Union Department, and an affirmative vote by the Qualtrust membership.
The uniting of Qualtrust and Texas Trust will broaden the geographic reach and the services available to members, the two organizations said in a news release.
Texas Trust has 17 locations and Qualtrust will add five additional branches in Flower Mound, Bedford, Las Colinas and San Angelo.
“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.”
The combined credit union will have assets in excess of $1.2 billion and more than 105,000 members and 21 locations making it one of the largest credit unions in Texas and the U.S.
Qualtrust’s history is rooted in Tom Green County dating back to 1948 when it began as San Angelo Telco Federal Credit Union. Currently, the credit union is headquartered in Las Colinas and has branches in San Angelo, Flower Mound, and Bedford. Qualtrust has 24,000 members and $200 million in assets. Qualtrust members will vote on the merger following regulatory approval.
With assets of $1 billion, Texas Trust is one of the largest credit unions in North Texas and the 18th largest in Texas. It was created in 1936 when a group of Chance Vought Aircraft Corporation employees pooled their savings so they could help each other achieve financially. Today, headquartered in Arlington, it has more than 84,500 members.
For more on Texas Trust:
www.fortworthbusiness.com/news/banking_finance/the-billion-club-texas-trust-credit-union-sees-growth/article_7effd4ae-efdf-11e6-b70e-3fe295563169.html