Two Texas credit unions agree to merge

Texas Trust Credit Union in Arlington has agreed to merge with Texas Federal Credit Union in Dallas.

The $1.6 billion-asset Texas Trust said Thursday that it will combine with the $63 million-asset Texas Federal, after members of the Dallas-based institution voted in favor of the deal.

“More than half of our members live in DeSoto, Grand Prairie, Cedar Hill, Mansfield, Arlington and other areas that Texas Trust already serves,” Cathy Perry, the president of Texas Federal, said in a press release. “By joining Texas Trust, our members will now be part of a credit union that can give them financial products and services for every stage of life along with the convenience of locations near where they live and play.”

The combined institution will have $1.7 billion of assets, 22 branches and serve over 130,000 members. Current locations of Texas Federal will continue operating under the Texas Trust name.

“The fact that so many Texas Federal members live in close proximity to existing Texas Trust locations make this merger a great fit,” Jim Minge, the CEO of Texas Trust, said in the release. “These members will now have all the financial products and services they need to make the credit union their primary financial institution.”