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Saturday, January 23, 2021

Texas Trust reports 2013 results

Texas Trust Credit Union, one of the largest credit unions in North Texas, is rapidly closing in on its goal of becoming a $1 billion credit union by the end of 2016, the Mansfield-based financial institution said March 3. The 78-year-old credit union grew its assets by more than 10 percent to $825 million in 2013, its loans by 19 percent and its total membership by 29 percent.

“Our goal is to build brighter financial futures for our members, and our growth in 2013 reflected our success in achieving that objective,” said Jim Minge, CEO of Texas Trust Credit Union, in a news release. “We are driving this growth through our focus on member convenience, exceptional service, financial strength, community partnerships, and trust.” Powered by its mid-year merger with Security One Credit Union, Texas Trust increased its member base by a total of 15,773 new members, ending 2013 with more than 70,000 members. That 29 percent growth reflects the addition of 9,000 former Security One members. On the strength of 450 new mortgage loans, it grew its loan portfolio – which includes auto and personal loans, home mortgages and commercial loans – by 19 percent. Texas Trust ended 2013 with $564.7 million in loans, after starting the year at $477 million.

The credit union opened five new branches in 2013, bringing its total throughout its five-county service area to 15. That includes two former Security One branches and an in-school branch at DeSoto High School. Also in 2013, Texas Trust launched an alliance with the University of Texas at Arlington, becoming the official credit union sponsor of intercollegiate athletics. As part of that alliance, Texas Trust will open an on-campus branch this year and place its ATMs in numerous campus locations. For the year, Texas Trust raised more than $257,000 for five participating school districts in its Spirit Debit Reward card program. In that program, Texas Trust gives partnering schools 15 cents every time a special school-associated debit card is used to make a purchase. In other year-end highlights: • The top three loan categories for Texas Trust are real estate, at 32 percent, used vehicles at 29 percent and new vehicles at 22 percent. • There were more than 39,000 mobile deposit transactions in 2013, after Texas Trust introduced the service in April. • Texas Trust significantly expanded its ATM network in 2013, adding locations at Murphy USA fuel stations throughout the area.  

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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