HOUSTON Members of StarTrust FCU, the former Enron employees’ credit union, voted overwhelmingly to merge the ailing $52-million credit union into InvestTex CU.
StarTrust, chartered in 1978 as Houston Natural Gas CU then converted to Enron FCU in 1986 when the ill-fated energy company acquired HNG, is a $52-million, single-branch credit union. It reported losses in five of the past seven years, including a loss of $140,000 for 2012.
Enron Corp. itself collapsed in 2001 in one of the most spectacular bankruptcies in U.S. history. However, the credit union has survived since then as a community charter serving downtown Houston and several legacy energy companies.
Houston-based InvesTex, originally Aldine Teachers CU, has $120 million in assets and reported net income of $500,000 last year. It had net worth of almost 10% at year-end 2012.
All StarTrust employees will continue to be employed following the merger and the current StarTrust FCU branch located in downtown Houston will be added to InvesTex CU’s branch network, the credit union said.
