Two Houston Credit Union Mergers Announced
Two mergers among Houston credit unions were announced Monday.
The $5.5 million, 1,330-member FMC Technologies Federal Credit Union has merged with the $2.2 billion, 186,840-member Texas Dow Employees Credit Union in Lake Jackson. And the $6.9 million, 1,396-member Houston Chronicle Employees Federal Credit Union has consolidated with the $478 million, 25,696-member People’s Trust Federal Credit Union.
The TDECU/FMC Technologies FCU mergers will expand TDECU’s footprint in northern Houston and offer FMC Technologies FCU’s members access to a wider portfolio of financial services and products, according to a TDECU prepared statement.
“This partnership supports our long-term strategic growth plans and enhances our ability to compete with other financial institutions in this highly competitive market,” said Stephanie Sherrodd, TDECU’s president/CEO.
FMC Technologies FCU was formed in 1949 to serve the employees of FMC Technologies, Inc., a global provider of technology solutions for the energy industry.
Houston Chronicle Employees FCU will consolidate with People’s Trust FCU on July 1, according to a People’s Trust FCU statement.
HCEFCU members will have access to People’s Trust’s products, services and branches starting Aug. 4. HCEFCU branch in the Houston Chronicle’s building will continue to operate, People’s Trust FCU said.
HCEFCU was founded in 1967 to serve the financial needs of Houston Chronicle newspaper employees.
“I was always confident that HCEFCU's membership would understand the importance of this merger [and] that the focus has always been on what was best for them,” said Carolyn Ward, president/CEO of HCEFCU since 2011. She began working at the credit union in 1975.
“Now, they have a wider range of products and services, better rates, other advantages and benefits available to them than before and a merger partner that shares the same values and principles that they are accustomed to,” Ward said.