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Marking its second merger bid into the Houston market in just over a month, the $1.6 billion Texas Dow Employees Credit Union announced Thursday an agreement in principle to consolidate the ailing $60 million San Jacinto Area CU of Pasadena, Texas.

Signing a letter of intent with the SJACU board, Edward C. Speed, president/CEO of Texas Dow of Lake Jackson, said the proposed merger is line with the CU’s expansion strategy of reaching into the Houston market for additional loan and member growth and finding like-minded CUs that serve employees in the petro-chemical industry.

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