The boards of directors of Qualtrust Credit Union and Texas Trust Credit Union announced that they have agreed to merge the two credit unions.
The newly combined entity will begin joint operations under the Texas Trust banner by the end of 2017, subject to regulatory approval by the National Credit Union Association and the Texas Credit Union Department, and an affirmative vote by Qualtrust CU’s membership.
Based in Irving, Texas, Qualtrust CU currently has $196 million in assets and more than 24,000 members. The $1 billion Texas Trust CU is based in Arlington and has almost 85,000 members.
Both Irving and Arlington are located between Dallas and Fort Worth.
The credit unions noted that in addition to Texas Trust CU’s 17 locations, the combined credit union will have five additional branches in “high growth” markets in the cities of Flower Mound, Bedford, Las Colinas and San Angelo. The combined assets and membership, they added, will mean “a greater economy of scale that can drive further growth.”
Texas Trust CU posted net income of more than $5 million last year, according to its latest call report, while Qualtrust CU generated net income of about $104,000.
“The boards and management teams of both credit unions collectively determined that we can achieve more together for our members than we can on our own,” said Jim Minge, president and CEO of Texas Trust CU, in a statement. “Together we can deliver greater value to our members.”
John DiChiaro, president of Qualtrust CU, stated that his members “will benefit from more choices in products and services as well as being part of one of the most respected and top-performing credit unions in Texas.”
