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02/26/2013

EECU, Fort Worth Telco credit unions to merge

EECU, one of North Texas' largest local credit unions, will merge with the 5,000-member Fort Worth Telco Credit Union effective May 31, the companies said Tuesday. EECU, formerly Educational Employees Credit Union, has about 167,000 members. It continues a trend of smaller institutions merging with larger credit unions, including 2010's merger of the former Star-Telegram credit union into EECU. Fort Worth Telco had $39 million in assets as of Dec. 31, while EECU had nearly $1.5 billion.

“EECU has a long-standing relationship with Fort Worth Telco Credit Union and its leadership,”  Lonnie Nicholson, CEO of EECU, said in a prepared release. “The decision to merge seemed like a natural extension of the relationship between the two credit unions.”

 “We feel this merger will be extremely beneficial to our members as they will have access to resources not currently available to them,” said Ron Reed, Fort Worth Telco Credit Union president. “Having been our neighbor in Fort Worth for 33 years, we’re confident in EECU’s commitment to upholding the high standards of service our members are used to.”

Fort Worth Telco Credit Union member accounts, including deposits and loans, will be transferred to EECU. The credit union was chartered in 1935 for area Bell Telephone employees, according to its website. It has about the same assets but only half the members it had in 2000, according to Star-Telegram records.

-- Jim Fuquay

 

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