After losing its sole sponsor last year, the $124 million,7,908-member El Paso Corporation Federal Credit Union in Houston isproposing to merge into the $333 million, 45,763-member First Service Credit Union in Houston.
|After Kinder Morgan Inc. purchased El Paso Corp. in May 2012,the credit union was informed it would lose its sole corporatesponsor.
|EPCFCU's board of directors decided to look for a merger partnerthat “would allow for a continuation of service and the payment ofan appropriate merging dividend to our members,” Kourtney Calhoun,president/CEO of EPCFCU, wrote in a letter to members earlier thismonth.
|Calhoun said the EPCFCU board has unanimously voted to recommendthe merger with FSCU.
|Members will soon be receiving a voting packet to approve orreject the proposed merger. Regulatory approvals also must besecured from NCUA and the Texas Credit Union Department.
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