Three Texas Credit Unions File for Mergers
Three Texas credit unions are seeking approval of mergers from the state’s regulatory agency.
The Texas Credit Union Department said it has received merger applications from the following credit unions:
- The $1.4 billion EECU in Fort Worth proposes to merge with the $38 million Fort Worth Telco CU, with EECU being the surviving credit union. Forth Worth Telco CU serves 5,354 members and has been struggling financially. NCUA financial records show the credit union’s loan income has dropped from $993,341 in 2008 to $868,225 in 2011. Its investment income also has substantially declined from $743,881 in 2008 to $235,896 in 2011.
- The 278-member $1 million District 1 THD CU in Paris is seeking approval to merge into the $21 million Northeast Texas Teachers FCU in Paris, which serves 4,787 members. Both credit unions have been facing financial challenges according to NCUA financial records. Northeast Texas Teachers’ loan income has decreased from $541,873 in 2008 to $427,852 in 2011. Loan income for District 1 THD has fallen from $50,371 in 2008 to $43,851 in 2011.
- The $178 million Unity One Credit Union in Fort Worth with 24,828 members wants to merge with the $19 million Argentine Santa Fe Industries CU in Kansas City, Kan., with Unity One CU being the surviving credit union. NCUA financial records show the 1,639-member Argentine Santa Fe Industries CU has seen loan income decline from $211,944 in 2008 to $140,656 in 2011. Its investment income has plummeted from $663,106 in 2008 to $142,866 in 2011.