Full integration pending, Texas CUs' merger now legally complete

Texas Trust Credit Union of Arlington, Texas, announced that the “financial aspects” of its merger with Qualtrust Credit Union of Irving, Texas, are now complete, and that Qualtrust is now “legally a part of” Texas Trust.

As reported, members of Qualtrust had voted in favor of the merger earlier this year – a transaction that will form a credit union with assets of more than $1.2 billion, more than 105,000 members and 22 locations.

Texas Trust also said that it will “retain the Qualtrust website and brand during the conversion process,” which it plans to complete by “early next year.” At that time all Qualtrust branches will be “rebranded” as Texas Trust.

“Although the legal aspect of the merger is complete, there is still a tremendous amount of work to do before Qualtrust members will be fully integrated into Texas Trust,” said Jim Minge, president and CEO of Texas Trust, in a statement. “We have been working closely with our newly assimilated Qualtrust employees to develop a smooth transition plan so that the conversion is seamless to all members.”

A spokesperson for Texas Trust said that “Qualtrust employees are all now on the Texas Trust payroll and employees of Texas Trust.”

Texas Trust posted net income of about $5.1 million in 2016, while Qualtrust recorded net income of about $104,000 that year.