OmniAmerican Bank, the former OmniAmerican Credit Union, will become part of the ninth largest Texas bank by assets if regulators approve its merger later this year.
The Fort Worth, Texas, bank posted assets of roughly $1.4 billion as of Dec. 31, 2013. It announced on April 30 it will merge with the Tyler, Texas-based Southside Bank. Southside reported assets of roughly $3.4 billion in 2013 and will be the surviving institution, according to an announcement from the two banks.
In 2005, the $1.2 billion OmniAmerican Credit Union announced it was converting to a mutual bank charter. This began a long battle with the NCUA, which eventually included litigation, concerning the regulator's rules and oversight of the charter change process.
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