Planned Texas Consolidation to Create $1.3 Billion Credit Union
First Service CU and People’s Trust FCU expect merger completion by summer of 2022 if approved by members and regulators.
Houston-based First Service Credit Union and People’s Trust Federal Credit Union are planning a 2022 merger that would create a financial cooperative with more than $1.3 billion in assets and nearly 98,000 members.
If the consolidation is approved by regulators and members of the $510 million People’s Trust FCU, it would become the fifth largest credit union in the Greater Houston area and the 31st billion-dollar credit union in the Lone Star State.
The combined credit union would operate under the $847 million First Service’s name and charter, according to a Dec. 17th joint prepared statement.
Employees from both credit unions will be retained, which would result in a combined workforce of more than 250 employees.
First Service President/CEO, Dave Bleazard, would lead the combined credit union, backed by a senior management team to include executives from both credit unions.
People’s Trust Interim President/CEO, Steve Branstetter, would serve as executive vice president. In addition, most of the current People’s Trust board members would continue serving post merger, according to the prepared statement.
“This strategic partnership will result in the knowledge and resources needed to innovate and to deliver an outstanding member experience throughout all in-person and digital channels,” Bleazard said in the prepared statement.
Branstetter noted the combination of the credit unions’ products and talented teams will provide a competitive advantage, offer more value and convenience for members and provide employees with better benefits and more career opportunities.
The consolidated credit union’s 250 staff would operate 17 branches throughout the Houston area.
Although a People’s Trust members’ vote is expected to be held early next year, the credit union’s required merger documents that it submits to members have not been posted on NCUA’s Credit Union Resources page as of Tuesday morning.
If regulators and members approve the consolidation, it may be completed by summer.