The $2 billion Texas Dow Employees Credit Union in Lake Jackson, Texas, is purchasing seven retail branches from Hancock Holding Co., the parent corporation of Whitney Bank.
The move will expand the 171,300-member credit union's branch network from 25 to 32 throughout the Greater Houston metropolitan market.
As part of the branch acquisition, TDECU will acquire approximately $34 million in consumer and real estate loans and assume about $30 million in deposits.
"TDECU is committed to serving our members where they live and work. This transaction complements our current branches in the Houston area and further strengthens the credit union for the future," said TDECU President/CEO Stephanie Sherrodd. "We look forward to a smooth transition for employees and account holders at each of these branches."
The branch locations to be acquired by TDECU are:
- 3800 SW Fwy. Ste. 100, Houston,
- 6348 Woodway, Houston,
- 5102 Richmond Ave., Houston,
- 24250 Cinco Ranch Blvd., Katy,
- 9915 Broadway, Pearland,
- 24706 SW Fwy., Rosenberg, and,
- 2109 State Hwy 6, Sugar Land.
The acquisition of the branches, subject to regulatory approvals and certain closing conditions, is expected to be complete by year's end, TDECU said.
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