Texans Financial reinvents itself to appeal to community at large

<p>RICHARDSON, Texas – Hoping to extend its reach to the community at large while leveraging a long-standing tradition of alliance with its founding sponsor, Texans Credit Union (TCU) recently redesigned its CUSO to appeal to both members and non-members. Texans Financial opened for business under the new moniker in January even though the credit union’s financial services operation has been firmly established for more than a decade. The main difference is Texans Financial has the capability to offer members and non-members professional money management, mutual funds, online securities trading, individual retirement accounts, annuities, retirement planning, educational planning, through CUNA Brokerage Services as well as auto and homeowners insurance. “Our intention is to sit down with our clients, examine their entire financial picture, and develop a plan that meets their needs both today and in the future,” said John Fritsche, Texans Financial’s executive vice president and chief operating officer. “This approach provides members with more holistic financial solutions, as opposed to a piece-meal money management strategy.” TCU was established in 1953 by Texas Instruments Inc., and the digital and analog service provider was its only sponsor up until 1991. Since 1998, another credit union merged with TCU, 250 select employee groups comprise the 146,000-member base and the credit union has $1.1 billion in assets. Talks to reestablish Texans Financial began last May when strategies were discussed to “place more emphasis on a fuller institution for members.” The board agreed that the CUSO would be the ideal way to reach out to residents who were not members of TCU and strengthen the existing relationships with members. Texans Financial’s office will be located at TCU’s main branch and four CUNA Mutual representatives will be available in Richardson and at branches in Houston and Austin. Members previously had access to financial services products through MEMBERS Financial Services program and MEMBERS Financial Network (MFN). With the new CUSO, members accounts will transition to Texans Financial. While TCU serves a “high-technology, high-income” membership base, Fritsche said the CUSO will make the services available to anyone who needs help with retirement needs and planning. “Our money management program is rapidly becoming a key element in our relationships with members,” said Gerald Gurney, Texans Credit Union’s senior executive vice president and chief operating officer. “If a Texans Financial representative could sit down with every member and develop a financial plan for their life cycle events like college funding, retirement planning, saving for a new home, or even just starting out a new investment program, it’s an ultimate win-win for the member and the credit union’s success.” Fritsche added that market research and focus groups indicate that consumers often find it difficult to distinguish between all of the financial institutions and financial products available in the marketplace. “Consequently, trust becomes a high priority when choosing and doing business with a financial representative or institution,” Fritsche said. -</p> <p>[email protected]</p>