InvesTex Credit Union has agreed to acquire StarTrust Federal Credit Union, the troubled former Enron credit union, in a combination of Houston institutions.
StarTrust, chartered in 1978 as Houston Natural Gas Credit Union and converted in 1986 to Enron Federal Credit Union when the ill-fated energy company acquired HNG, is a $52 million-asset single-branch entity that has reported losses in five of the past seven years, including a $140,000 loss last year.
Enron collapsed in 2001 in one of the most spectacular bankruptcies in U.S. history, but the credit union has survived with a community charter serving downtown Houston and several legacy energy companies.
Houston's InvesTex, which was originally Aldine Teachers Credit Union, has $120 million in assets and reported net income of $500,000 last year.
Be the first to comment on this post using the section below.