In a calculated expansion plan described as “50 years in the making,” the $1.6 billion Texas Dow Employees Credit Union disclosed Tuesday it has signed a letter of intent to merge the $80 million Bluebonnet Credit Union of Houston, giving it a bigger footprint in the state’s largest city.

Edward Speed, president/CEO of the Lake Jackson credit union, told Credit Union Times his CU already has more than 10,000 members in metro Houston, more than $100 million in loans and more than $90 million in deposits “and already had an aggressive plan to move into Houston” before the Bluebonnet merger bid surfaced.

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