Texas Trust Credit Union of Mansfield will become Tarrant County’s third-largest credit union when it merges with Arlington-based Security One Federal Credit Union, the institutions announced Wednesday.The merged organization also plans to move its headquarters to southwest Arlington early next year, Texas Trust CEO Jim Minge said. Last year, the company acquired about 80,000 square feet at two office buildings off Interstate 20 and expects to move several operations to one of them by year’s end, he said.Pending regulatory and membership approvals, the combined credit union, which will use the Texas Trust name, will have 12 branches, more than $815 million in assets and more than 65,000 members, they said. Security One’s 25 employees will stay on, including CEO Pamela Stephens, who will become a senior executive at Texas Trust.In an interview, Stephens said her institution had been examining ways to offer more services, such as mortgages, for which it uses a third party. Members prefer that their own credit union handle the loan, she said, and Texas Trust handles in-house.Texas Trust also has insurance and investment services not offered by Security One, she said.Minge said Security One’s two branches are in Arlington, which he described as an important market for his institution. Security One was begun in 1966 to serve employees at General Motors’ Arlington assembly plant.Minge said Texas Trust also expects to add two branches in 2013, including one in Hurst within the month and the second in Arlington. The company dates to 1936, when it served Vought Aircraft employees in Grand Prairie, and it has branches in Arlington, Athens, Cedar Hill, Grand Prairie and Mansfield.Security One members will vote on the merger after regulatory approvals, which are expected to take 30 to 60 days.The merger is consistent with steady consolidation in the industry.Last year, the U.S. had 6,956 credit unions, down 1,000 from just four years earlier, according to the Credit Union National Association. Membership has been rising, to about 95 million last year.American Airlines Credit Union is the largest financial institution, including banks, based in Tarrant County, with $5.6 billion in assets. EECU is next among credit unions, with $1.5 billion in assets, followed by Texas Trust and then Fort Worth Community Credit Union, with $804 million, according to federal regulatory filings.
Jim Fuquay, 817-390-7552 Twitter: @jimfuquay