Two Texas credit unions, the $197 million Qualtrust Credit Union of Las Colinas and the $1 billion Texas Trust Credit Union of Arlington, announced that their boards agreed to unite.
The newly-combined credit union will begin joint operations under the Texas Trust banner by the end of 2017, pending regulatory approval by the NCUA and the Texas Credit Union Department, and an affirmative vote by the Qualtrust membership.
The broadening of its geographic reach and services available to members are among the expectations of the Qualtrust and Texas Trust merger.
Texas Trust has 17 locations along with five additional branches in high growth markets in Flower Mound, Bedford, Las Colinas and San Angelo. The united credit unions will have more than 105,000 members and 21 locations, making it one of the largest credit unions in Texas and the U.S. The combined assets and membership means a greater economy of scale that can drive further growth.
From Qualtrust's standpoint, it is investing in its members' financial futures by delivering an expanded product line, services to meet the complete needs of its members and broader career opportunities for its employees.
"After careful consideration, the boards and management teams of both credit unions collectively determined that we can achieve more together for our members than we can on our own," Jim Minge, president/CEO of Texas Trust, said. "Together we can deliver greater value to our members, who are our number one priority."
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