Texas Members Vote to Merge, Creating Fifth Largest CU in Houston Area
The consolidation of People’s Trust FCU with First Service CU will become effective on May 1.
The $524 million People’s Trust Federal Credit Union will merge into the $896 million First Service Credit Union on May 1, which will create the fifth largest credit union in the Greater Houston market, according to a First Service prepared statement on Thursday.
The merger was finalized after a favorable vote by People’s Trust members during their annual meeting on April 16,
The official, final vote by People’s Trust members was 2,298 votes (88%) in favor and 316 votes (12%) in opposition, First Service reported.
The combined credit union will manage $1.4 billion in assets with a workforce of about 260 employees who will operate 15 branches and serve more than 99,000 members.
“Now that this strategic partnership has finally come to fruition, our combined knowledge and expertise will help us develop new ideas and innovative technologies to enhance members’ lives,” Dave Bleazard, president/CEO of First Service, said in a prepared statement. “We are committed to making sure we help every member reach their financial goals with First Service, whether in person or digitally.”
Bleazard will continue to serve as CEO with a combined senior management team and board of directors from both credit unions.
“This merger strengthens our ability to positively impact our members and the community,” Steve Gilman, interim president/CEO of People’s Trust said in a prepared statement. “The benefits are far-reaching; our members will have added convenience for their financial needs, our employees will have a larger network of resources, and our community will prosper with a thriving credit union that values people over profit. I’m excited for the future of First Service.”
People’s Trust FCU was chartered in 1935 as the Shell Employees Federal Credit Union.