ABILENE, Texas (11/30/11)--Two Abilene, Texas, credit unions are merging--with Abilene Teachers FCU absorbing the smaller People's CU of Abilene. Both credit unions have been serving members locally since the 1950s.
The $6.2 million asset People's CU of Abilene initiated the merger with the $322.5 million asset Abilene Teachers FCU, said the latter's President/CEO James Boyd (reporternews.com Nov. 28).
The board of the 1,500-member People's approached the board of the 35,000-member Abilene Teachers FCU, seeking a merger because a weak economy and increased government regulations made it difficult for the small credit union to survive, Boyd told the paper.
The merger, which began in September, will be finalized today--at which time People's CU of Abilene will close its one branch, Boyd said.