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.
The opportunity to merge Bluebonnet, which has branches in Houston and Baytown and serves employees of Gulf Oil Chemical, "just jump starts that move," Speed said.
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