HOUSTON — Two small credit unions in this fast-growing city have been absorbed into larger entities as the result of mergers.
TDECU announced Monday it has merged with FMC Technologies FCU and Houston Chronicle Employees FCU said it will combine with People's Trust FCU.
The first deal expands TDECU's footprint in northern Houston and offers FMC Technologies members a wider array of financial products and services, TDECU said in a statement.
'This partnership supports our long-term strategic growth plans, and enhances our ability to compete with other financial institutions in this highly competitive market,' said TDECU's president and CEO Stephanie Sherrodd.
The move also further cements TDECU's position as Houston's largest CU, with more than 186,000 members and assets of more than $2 billion.
That dwarfs FMC Technologies, which serves only about 1,300 members and has only $5.5 million in assets. FMC currently has about $2.3 million in loans on its books, concentrated primarily in auto lending, but already is showing a loss of more than $1,600 so far in 2014, according to its most recent call report. FMC Technologies FCU had a net income for 2013 of about $7,800.
'We are proud to serve these newest members, and share with the all the benefits and experiences that come with being a part of TDECU,' said Sherrodd.
Breaking News at Houston Chronicle FCU
And Houston Chronicle Employees FCU will merge with People's Trust FCU.
HCEFCU, originally chartered to serve employees at the Houston Chronicle newspaper, has about 1,400 members with $6.9 million in assets, but the credit union's most recent Call Report shows a loss of $122,436 during the first quarter of 2014. That loss is nearly equal to its losses for the entirety of 2013, when it shed $121,890. It has $2.68 million in loans on the books and, like FMC Technologies FCU, most of those loans are concentrated in auto lending.
Houston Chronicle Employees announced its intentions to merge with People's Trust on April 28, and members approved the merger on May 15, in a vote of 136 to 1. The merger is set to be effective beginning on July 1, according to an announcement on People's Trust FCU's Facebook page.
People's Trust FCU serves nearly 26,000 members with $478 million in assets.
