After receiving approvals from membership and federal and state regulators, two Dallas-based credit unions have completed their merger.
Neighborhood Credit Union and Dallas FCU have joined forces, with the combined institution holding $720 million in assets and serving 55,000 members. All former employees of Dallas FCU are expected to become Neighborhood CU staffers as part of the merger. Systems and operational integration are expected to be completed in February.
Chet Kimmell, president and CEO of Neighborhood CU, will continue to lead the combined organization.
"This partnership allows us to further solidify our commitment to the neighborhoods we serve and provide more access than ever to our innovative products and services -- all designed with the financial well-being of the community in mind," Kimmell said in a statement.
As a result of this merger, Neighborhood CU will now have fourteen locations throughout Dallas Fort-Worth, including in Dallas, Ellis, Tarrant and Denton counties.
"The merging of our two deep-rooted credit unions will allow for growth and advancement in the near future," Kimmell added.
Pre-merger, Neighborhood CU posted net income of about $3.3 million in the first half of 2018, after recording net income of about $6.3 million in 2017.
Meanwhile, Dallas FCU posted a net loss of about $234,000 in the first half of 2018, after recording a net income of about $45,000 in 2017.
