Texas CU Finds Happiness in Vegas
The $865 million InTouch Credit Union of Dallas is finding its 2009 toehold expansion in Nevada starting to pay off.
Indeed, InTouch, which merged the failed Ensign FCU of Henderson, Nev., in an NCUA purchase/assumption deal in November 2009, has added 900 new members and opened a new branch in Summerlin, a growing north Las Vegas suburb.
In addition, InTouch, based in the Dallas suburb of Plano, has opened two new branches in Sterling, Va. and Auburn Hills, Mich., and has scheduled a new facility in McKinney, Texas, in July. McKinney is also a Dallas suburb.
A sizeable portion of the CU's membership base lives in McKinney, offering tremendous growth potential, and the city was rated by CNN.Money.com as the "Fifth Best Place to Live" and ninth by Forbes as the "Best Place to Move," said Diane Gerstner, the credit union’s executive vice president.
As for improvements in the Nevada economy and its full-service Summerlin branch, Gerstner noted that 85% of Las Vegas residents “are currently employed and have numerous financial needs” made obvious by the nearly 1,000 new members added in the last year.
The Summerlin branch, she noted, does represent a consolidation of two other former Ensign branches relocated to the site. Before the InTouch takeover, the $98 million Ensign was long one of the state’s more troubled CUs, having ventured into commercial loans which went sour and at one time becoming the target of banker complaints about CUs over-reaching.
InTouch said this week that its recent national growth follows the February 2010 rebranding campaign as part of a name change from EDS CU, when its sponsor was the old Electronic Data Systems Corp.
“When we had to rename the credit union, we made a very conscious decision to build everything around” a new foundation, said a spokeswoman. “Our members, the communities and SEGs we serve have embraced the new name and welcomed the continued focus on service, and their public and private support significantly contributes to the growth of our brand.”