Homeport Federal Credit Union has announced its intent to merge into the neighboring Gulf Coast Federal Credit Union.
The National Credit Union Administration approved the merger, though the deal is contingent on a vote by Homeport Federal Credit Union members. Both institutions are based in Corpus Christi, Texas.
The vote will take place virtually on June 26, and the $223 million-asset Gulf Coast FCU said it hopes that the merger will close by July 1. Following final approval from the NCUA, Homeport would adopt the Gulf Coast name.
A frequently asked questions page on Homeport's website cited growth concerns as a reason behind the deal. The $12.4 million-asset credit union’s only branch will remain open through at least Nov. 30.
Jeremy Garza will continue in his role as president and CEO of Gulf Coast. No employee positions will be eliminated as a result of the merger.
Board members of Homeport will be offered seats on the advisory board and supervisory committee of Gulf Coast FCU.
Homeport Credit Union reported a loss of $96,839 through the first quarter, mirroring a loss of $94,303 during the same quarter a year earlier, according to call report data.
