Former Enron Credit Union to Vote on Merger into Houston's InvesTex
The nearly 5,000 members of the $51 million StarTrust Federal Credit Union in Houston will be asked to vote at the end of April to decide whether to merge into the $116 million, 22,532-member InvesTex Credit Union in Houston.
“All of their employees are coming on board with us and their president/CEO, Debra Weir, is coming in as an executive vice president,” said Keith Kearney, CEO/president of InvesTex CU.
They were formerly Enron Credit Union and went through a few challenges even though it was a totally separate entity, because of the name. I think they have done incredibly well given those circumstances over the last decade, plus,” Kearney said.
StarTrust’s roots date back to 1978 when it opened as Houston Natural Gas Credit Union to offer financial services to HNG employees. In 1986, the gas company’s name was changed to Enron Corp. and the credit union’s name also was changed to Enron FCU.
However, the credit union’s deposits, loans and membership fell after Enron filed for bankruptcy protection in December 2001. To make a fresh start, the credit union changed its name, moved to a new location and expanded its field of membership during the spring and summer of 2002.
If StarTrust members approve the merger, Kearney expects the financial merger to be complete by June 30 and the data merger to follow in two or three months after that.
“Our combined boards, the StarTrust CEO and I see this merger as a partnership that really helps both memberships and makes us strong in a very large Houston market,” he said.