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PrimeWay TexasOne Community to merge
HOUSTON (6/4/10)--PrimeWay FCU and TexasOne CU are merging, culminating discussions that began late in 2009. The Houston credit unions said they were intent on adding value to their membership rather than just growing (LoneStar Leaguer June 3). “There were a number of synergies that made this a good partnership,” Dale Roberts, CEO of PrimeWay FCU, told the Texas Credit Union League. “TexasOne had branches in key areas for our membership and we had key branch locations for their membership. That, combined with strong product offerings and new economy of scale, will help us bring greater value to our joint membership.” At $279 million in assets before the merger, PrimeWay is now among the city’s largest credit unions with combined assets of just over $400 million after assuming the $128 million in assets of TexasOne. TexasOne CU will continue to operate under the TexasOne name and logo through the end of 2010. The extra months will provide the credit unions time to combine operations and create a smooth transition for their members. “Members will begin to see value immediately in areas such as loan rates and decreased fees,” Roberts told the league. “Then, by first quarter 2011 when we have converted our core systems, members will have access to all of the joint locations and a larger product offering.”


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