HOUSTON--The $142-million Space City Credit Union here is merging into the $4.8-billion TDECU, Houston’s largest CU, TDECU reported.
The new organization's name will be Space City Financial, TDECU said.
TDECU President and CEO Isaac Johnson will lead the new organization, the CU said. Space City Credit Union’s President and CEO, Craig Rohden, will retire.
"Having financial in our name better reflects our commitment to offering a broad range of financial services… and enhances our position in an increasingly competitive financial landscape," Johnson said.
Upon regulatory approval, the merger will create an organization with close to 400,000 members.
TDECU made $32.9 million in net income in 2023 and $9.7 million through June of this year, according to Call Report data. The organization's net worth is 9.99%.
Space City lost $611,670 in 2023 and $170,517 through June this year, NCUA data show.