Security Service FCU Not Seeking Texans CU Merger
The $6.1 billion Security Service Federal Credit Union said it has not made any merger bids on newly conserved Texans Credit Union.
“We’ve just completed three mergers over the last nine months, said John Worthington, senior vice president of Security Service in San Antonio. “We’re not beating the bushes looking for new merger partners.”
Plagued by mounting losses, the NCUA placed the financially troubled $1.6 billion Texans CU in conservatorship on Friday.
A source familiar with Texans told Credit Union Times that the credit union had received a merger letter of intent but the source did not know which credit union.
Security Service acquired the conserved Family First Federal Credit Union in Orem, Utah in February. In 2010, the credit union also acquired another Utah cooperative, Beehive Credit Union of Salt Lake City and Norbel Credit Union of Fort Collins, Colo.
The NCUA has not yet responded to calls confirming if the agency had received any merger bids.
“The bottom line is we’re not engaged in any discussions at this point,” Worthington said. “If someone wants to talk to us, we would certainly take a look at it.