Two of Houston’s largest credit unions are combining in a $6 billion merger.
TDECU and Smart Financial Credit Union announced the merger after it was approved by Smart Financial’s voting members and state regulators.
Here’s what to know:
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What does the merger mean?
The combined organization will serve more than 463,000 members across more than 45 branches, according to a company news release. It will have nearly 1,000 employees and approximately $6 billion in assets.
TDECU President and CEO Isaac Johnson will lead the combined organization, and Smart Financial CEO LeAnn Kaczynski will serve as chief integration officer.
“We approached this partnership with Members at the center of every decision,” Johnson said in the release. “Together, TDECU and Smart Financial are building a stronger cooperative with the scale to expand access, invest in member experiences and technology, and deepen our impact across the communities we serve.”
What does this mean for members?
The organization said there are no immediate changes to members’ accounts or services and that it will continue to share updates.
“As we begin this next chapter, our focus is on supporting members and employees through the transition while carrying forward the trusted relationships and member-focused service that define both organizations,” Kaczynski said in the release.
What is Smart Financial Credit Union?
Smart Financial Credit Union was founded in Houston in 1934 by a group of Houston Independent School District teachers. The credit union now has 13 locations in the Houston area, more than $800 million in assets and more than 60,000 members.
What is TDECU?
Texas Dow Employees Credit Union, also known as TDECU, is a not-for-profit financial cooperative founded in 1955. It serves 403,000 members and has more than $5 billion in assets.
TDECU has more than 30 member centers and offers deposit products; mortgages; auto and personal loans; digital banking; and business and commercial services.
We reached out to TDECU and Smart Financial Credit Union for more information.
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This article originally published at Houston credit unions TDECU and Smart Financial merge in $6B deal. What to know..
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