HOUSTON— Two Texas credit unions are merging. The $37.1-million SPCO Credit Union said it is merging into the $1.3-billion First Service Credit Union.
SPCO Credit Union’s single branch will join First Service Credit Union’s 14 branches. The merger will also provide SPCO members access to First Service’s network of 85,000 surcharge-free ATMs, including more than 1,500 deposit-taking ATMs, and various digital banking tools, the credit unions said in a statement.
At mid-year, SPCO reported a loss of $107,098, with capital of 9.69%. First Service posted $1.21 million in net income and net worth of 11.56% as of the same date.
‘Shared Values’
“By bringing our two credit unions together, we’re building on our shared values and strengths,” FSCU CEO David Bleazard said in a statement. “This partnership enables us to offer even greater resources and support to our community and members, ensuring their financial success remains our top priority.”
Tim Adams, president and CEO of SPCO Credit Union, will become SVP of lending and collections at First Service Credit Union.
First Service Credit Union was founded in 1977 and currently serves 95,261 members. SPCO Credit Union has 2,755 members. SPCO was founded in 1936 to serve TNO Railroad employees.