A merger approved last year between Texas Trust Credit Union and Qualtrust Credit Union has been finalized, the credit union announced today.
Texas Trust said it has “completely consolidated” Qualtrust’s operations members and employees under the TTCU banner. As previously reported, the financial aspects of the merger were completed last autumn, while the members of Qualtrust had approved the merger in spring of 2017.
As a result of the merger, Texas Trust CU now boasts assets in excess of $1.2 billion and more than 114,000 members. The merger has also increased Texas Trust CU’s footprint by adding five branches in three new counties: Dallas, Denton and Tom Green. TTCU is based in Arlington, Texas.
Moreover, the former Qualtrust members will now have access to such products and services as credit cards, rewards debit card, mobile card controls, business services, overdraft privilege, electronic fund transfer capabilities and in-house lending for mortgages, among others.
“The merger has brought exciting change for Texas Trust and the Qualtrust members we welcomed into our family,” Texas Trust Credit Union CEO Jim Minge said in a statement. “Now that the hard work is done, we can move forward and create new opportunities that will help every member have a brighter financial future.”
Texas Trust CU posted net income of about $8.1 million in 2017, up from about $5.1 million in the prior year.
Meanwhile, Qualtrust recorded a net loss of almost $3.6 million through the first nine months of 2017, after posting net income of about $104,000 in calendar 2016.