PrimeWay FCU Merging Ailing TexasOne CU
Two Houston credit unions, the $232 million PrimeWay FCU and the struggling $128 million TexasOne Community CU are planning a merger, it was disclosed this week.
The boards of the two CUs have signed "an agreement in principle" to move forward with a consolidation, said the Texas Credit Union Department, which said papers were filed with the NCUA late last month.
TexasOne, which has shrunk in size from $148 million a year ago, recorded a $2.8 million loss in 2009 on top of a $4.5 million loss in 2008.
For its part, PrimeWay, which also reduced its asset size from $269 million, is operating with an interim CEO, Dale Roberts. Its previous CEO, Larry Hudson, left a couple of months ago, said a spokeswoman.
Details on the planned merger and the timetable for the consolidation were not immediately available.
TexasOne, with 20,000 members and formerly known as Cameron CU, became a community charter credit union in 2003.