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CU System
Merger OKd in Pa. another set for Texas
TREVOSE, Pa., and HOUSTON, Texas (4/5/12)--Two mergers of credit unions in Pennsylvania and Texas are in the works.

The Pennsylvania Department of Banking approved on Sunday the merger of $1.3 million asset Kenrick FCU, Bryn Mawr, Pa., with TruMark Financial CU, a $1.36 billion asset credit union in Trevose, announced TruMark Financial in a press release.

The merger provides the former Kenrick members access to an expanded branch network and a wider menu of financial products and services, said TruMark Financial.  The new members will have access to consumer loans, first mortgages, and insurance and investment products, as well as online and mobile banking services and a large surcharge-free ATM network.

In Texas, Houston-based Space City CU, with more than $34 million in assets, said it plans to merge this year with Independence Parkway FCU, a $21 million-plus asset credit union located in La Porte.

Combined, they will serve 8,200 members and have more than $56 million in assets (Houston Business Journal Online March 30).  The  challenging economy prompted Independence Parkway to merge as the best move to provide its members with quality services, said a statement by Space City in the article.

With the merger, members will have access to branches in downtown Houston, the Galleria area, and in La Porte, as well as access to mobile banking, online check deposit, free checking and business services.


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