The merger of two Texas credit unions will mean many more branching options for some members.
The $47 million-asset Brazosport Teachers Federal Credit Union in Clute and the $111 million-asset Space City Credit Union in Houston completed their merger last week.
Space City brings more than 5,000 nationwide shared branching locations to the members of BTFCU through its participation in the CU Shared Branching System, a branch network.
The two institutions now operate under the Space City Credit Union name, with BTFCU functioning as a division until the organizations' systems are merged in August.
“Our economy of scale is increasing, and this will allow us additional resources to not only survive, but also truly compete in a very competitive market,” Craig Rohden, Space City's president and CEO, who will lead the combined institution, said in a press release.
Donna Butterfras, BTFCU’s president and chief executive, will remain with the merged credit union as its chief financial officer. She said members of Brazosport Teachers will gain expanded security, branch options and services through the deal.
“Access will not be an issue for current or future members,” she said in the release. “Our employees will have more opportunity to serve, grow and promote by virtue of a larger organization."
Space City CU earned $780,000 in 2021, a 139% increase compared to a year earlier, according to call report data from the National Credit Union Administration.
Brazosport Teachers FCU earned $410,000 in 2021, a 7% increase from a year earlier, according to call report data.
