Firstmark Credit Union and St. Joseph's Credit Union in San Antonio, Texas, have finalized an agreement for the two to merge.
Operational integration between the two credit unions will be completed by the end of January 2016, according to a Dec. 1 press release. The credit unions will operate under the Firstmark name following the deal.
The merger received the unanimous approval of both credit unions' boards, as well as NCUA and the Texas Credit Union Department.
"This merger supports our strategic plans to expand our membership and strengthen our commitment in the communities we serve," said Firstmark chairman Donald Pinson in the release.
Following the deal, Firstmark will add branches in downtown San Antonio and Fredericksburg, Texas. The institution will also acquire around 6,100 members and $40 million in assets. Firstmark currently has 16 locations, with more than 100,000 members and more than $1 billion in assets.
Firstmark also noted that it does not expect changes to staffing to occur as a result of the merger.
