FORT WORTH, Texas – Fort Worth Telegram Employees FCU has applied to state regulators to merge into nearby EECU, at least the fourth newspaper credit union calling it quits in recent months.
The proposed merger comes as Arizona credit union giant Vantage West CU is completing its acquisition of First Edition Community CU, an ailing $39 million credit union serving employees of the Arizona Republic newspaper, and comes on the heels of mergers of Boston Globe Employees CU and (New Orleans) Times Picayune Employees CU into larger credit unions.
Several of the merged credit unions have been hampered by size and the financial troubles being experienced by their main newspaper sponsors, which provide subsidized office space and other perks.
Fort Worth Telegram Employees FCU has $7.3 million in assets. It reported a $96,291 loss for 2009 and a tiny $6,547 net for 2008. EECU has $43 million in assets, reported a $237,536 net for 2009 and a $46,061 loss for 2008.
