LAKE JACKSON, Texas – Texas Dow Employees CU said yesterday it plans to acquire San Jacinto Area CU, marking its second merger with a troubled Houston-area credit union in recent weeks.
The deal for the troubled $60 million San Jacinto Area will give the $1.6 billion two additional branches in the Houston suburb of Pasadena, a month after acquiring four area branches with the acquisition of Houston’s Bluebonnet CU.
San Jacinto Area had a 2010 loss of $295,000 and a first quarter loss of $56,000, as its net worth fell to just 3.1%.
