Members of the $56 million Security One Federal Credit Union in Arlington, Texas, voted in favor of merging with the $763 million Texas Trust Credit Union in Mansfield during a special meeting Wednesday.
The merger has been approved by the NCUA and is expected to get the nod from the Texas Credit Union Department, according to a Texas Trust news release on Thursday.
Texas Trust CU will assume Security One's assets and liabilities and its 25 employees will join the Texas Trust team, the release said.
Pamela Stephens, president/CEO of Security One FCU, will become executive vice president and chief strategic officer of Texas Trust, overseeing the conversion process and other major projects, the credit unions said.
The two Security One branches will be rebranded as Texas Trust. The consolidation of members and branches into Texas Trust is expected to be complete by the end of the year.
The combined credit union will have assets in excess of $815 million, more than 65,000 members, and 13 branches, making it the 18th largest credit union in Texas and the 264th largest in the U.S., the release said.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
