Tiny TrustUS Federal Credit Union of Midlothian, Texas will merge into Texas Trust Credit Union, based here, after approvals by regulators and by TrustUS FCU members, the two CUs said Monday.
TrustUS FCU has just $7 million in assets and 2,401 members, according to its most recent Call Report.
Texas Trust CU said the merger will fully commence when a new Midlothian branch opens in September. TTCU said it will retain the TrustUS employees and open a new full-service facility in Midlothian that will be Texas Trust's 16th branch.
The combined credit union will have assets in excess of $950 million and more than 80,000 members, making it the 19th largest credit union in Texas and the 280th largest in the U.S.
According to officials from the two CUs, the merger will give TrustUS members access to a broader scope of financial services, including online and mobile banking, an international surcharge-free ATM network, an in-house loan department offering mortgages, and investment products and services. Texas Trust also offers an independent insurance agent and small business financial services, including SBA lending.
"This merger will make us a stronger financial partner for TrustUS members," Lisa Lemon, president of TrustUS Federal Credit Union, said in a statement. "We will now be able to offer products and services to meet the financial needs of our members at every stage of their life."
"Our member first philosophy will ensure that TrustUS employees and members receive superior service and products that will help them build brighter financial futures," said Jim Minge, president and CEO of Texas Trust Credit Union. "Through this merger we are able to keep TrustUS members in the credit union family and expand into a new community where our goal is to become Midlothian's preferred financial institution."
Texas Trust CU serves the residents and businesses of Dallas, Tarrant and Henderson counties, as well as parts of Ellis and Johnson counties, with 15 branches located in Mansfield, Grand Prairie, Arlington, Cedar Hill, DeSoto, Hurst and Athens.
