MANSFIELD, Texas Texas Trus CU announced this morning it has agreed to merge into it Arlington-based Security One FCU, the $57 million former General Motors auto workers credit union, which will give the $760 million credit union two additional branches, for a total of 12.
The merger deal comes after Texas Trust opened two new branches last yera, one in Mansfield and one in Grand Prairie. Jim Minge, CEO of Texas Trust, said Arlington is an area of key growth for the credit union.
Security One, chartered in 1966 as Auto Workers Arlington CU, reported a $57,000 loss for the first quarter, small positive net income in 2011 and 2012, and losses for 2010 and 2009. It had a net worth ratio of 7% at March 31.
The two credit unions signed an intent to merge but it’s still pending approval from regulators and members.
