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.
"TDECU is honored that SJACU has selected TDECU for a merger partner and what is terrific is that SJACU looks just like us in history and primary membership," Speed said.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
