Security One Federal Credit Union and Texas Trust Credit Union File Intent to Merge

MANSFIELD, Texas - July 10, 2013 - PRLog -- Security One Federal Credit Union of Arlington and Texas Trust Credit Union of Mansfield today announced their intent to merge, pending regulatory and member approval.

The two credit unions have signed an intent to merge with the Texas Credit Union Department and the National Credit Union Association. Once the merger is approved by regulators and by Security One members, Security One will transfer its assets and liabilities to Texas Trust.

The combined credit union will have assets in excess of $815 million and more than 65,000 members, making it the 18th largest credit union in Texas and the 264th largest in the U.S.

The merger benefits the members of Security One by making more competitive services available to them, and benefits Texas Trust by giving it a bigger presence in Arlington. The merged financial institution will have 12 convenient branches, counting the two existing Security One branches, which will be brought under the Texas Trust name upon completion of the merger.

Among the services that the merger makes available to current Security One members are Texas Trust's mobile and online banking, an expanded surcharge-free ATM network, an in-house loan department offering mortgages and auto loans, as well as investment products and services. Texas Trust also offers an independent insurance agent and small business financial services, including SBA lending. Security One members will also benefit from Texas Trust's lower rates.

"Competing in today's financial market is more challenging than ever," said Pamela Stephens, CEO of Security One Federal Credit Union. "In order to remain competitive and continue to deliver low rates for our members, we determined the best solution for our members was to merge with another credit union."

Stephens added, "We specifically chose Texas Trust Credit Union because of the benefits it brings to our members, our common culture, shared philosophy of members first, and our similar field of membership."

The 25 employees of Security One will join the Texas Trust Credit Union team. Stephens will become part of the executive management team, playing a key role in the merger and future success of the combined credit union.

"Merging with Security One will give Texas Trust's members additional branches in the Arlington community, which is a strategic area of growth for us," said Jim Minge, CEO of Texas Trust Credit Union. "The combined synergies of Security One and Texas Trust will benefit the credit union movement as a whole, enabling us to expand our market share in north Texas."

Security One members will vote on the merger during a special member meeting following approval by the regulatory agencies. The regulatory review process is expected to take 30 to 60 days.

About Security One Federal Credit Union
The 47- year old Security One Federal Credit Union was originally known as the Auto Workers Arlington Federal Credit Union , chartered by 30 employees of the General Motors plant. The credit union became a community chartered institution in 1997 and changed its name. Today the credit union has two branches, nearly 10,000 members, and assets in excess of $57 million. Pamela Stephens, the CEO, has served the credit union for 23 years.

About Texas Trust Credit Union
Texas Trust is one of the largest credit unions in North Texas and the 21st largest in Texas. It has been operating for more than 75 years. As a full-service financial institution, Texas Trust offers checking, savings, mortgages, credit cards, CDs, Money Market accounts, IRAs, and investment and insurance services. Its business services include SBA and conventional loans, electronic payment cards, checking and money market accounts, merchant card processing, online banking, insurance, and the Employee Solutions Network. With assets of more than $760 million, Texas Trust operates in Dallas, Tarrant, and Henderson counties, as well as parts of Ellis and Johnson counties. It has 10 branches located in Mansfield, Grand Prairie, Arlington, Cedar Hill, and Athens. Texas Trust is a federally insured financial institution. Deposits up to $250,000 are insured by the full faith of the federal government through the National Credit Union Administration (NCUA). For more information, visit www.TexasTrustCU.org.