AUSTIN, Texas – EECU, the giant Fort Worth credit union, has applied to state regulators to acquire Fort Worth Telco CU, one of four troubled Texas credit unions that would be merged out.
Fort Worth Telco is a one-time $43 million credit union that has reported losses in each of the last five years, including a $72,000 loss for the first three quarters of 2012. EECU has $1.5 billion in assets.
The Texas CU Department has also received an application from Unity One CU, a $180 million Fort Worth credit union, to acquire Argentine Santa Fe Industries CU, a $20 million Kansas City, Kan., credit union that has reported losses in each of the past four years.
The credit union department has also received an application from $21 million Northeast Texas Teachers CU in Paris, to acquire ailing $2 million District 1 THD CU, also in Paris.
The state regulator has also approved the merger of $33 million Texas Telcom CU in Dallas, with troubled $2 million Dennison District Telephone CU.