Texas Dow Employees Credit Union (TDECU) and Space City Credit Union have announced plans to merge, forming one of the largest credit unions in Texas.
The combined entity, Space City Financial, will have nearly $5 billion in assets and serve a membership of approximately 400,000 individuals.
In a social media announcement made today, TDECU President and CEO Isaac Johnson stated, “To say I am proud to lead this organization on an exciting day like today would be an understatement! Coming together with another strong credit union to form Space City Financial reaffirms our commitment to Greater Houston and the credit union movement.
We have amazing partners here in Greater Houston and look forward to everything this merger will allow us to do for our combined Members and for their families for generations to come.”
Space City Credit Union also expressed enthusiasm for the merger, stating that TDECU was the ideal partner to continue their mission of serving and growing with their members.
The merger is expected to bring significant benefits to both credit unions and their members, including increased offerings, improved efficiency, and enhanced technology. By combining their resources, the two organizations will be able to invest in new technology, expand their branch network, and offer competitive rates on loans and deposits.
The combined entity will have a substantial asset base and a large membership, positioning it as a major player in the Texas credit union market. The merger is expected to be completed later this year, subject to regulatory approval and other closing conditions.
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The post $5 Billion Credit Union Formed as Two Texas Credit Unions Merge appeared first on SHOPPE BLACK.
