TDECU to rebrand after merger with fellow Houston credit union
Texas Dow Employees CU, which operates as TDECU, will change its name to Space City Financial after the completion of its deal with Space City Credit Union.
Two Houston-area credit unions plan to merge and form an institution with nearly $5 billion of assets.
Lake Jackson-based TDECU plans to merge with Space City Credit Union in a transaction to be completed later this year, the companies announced Tuesday.
TDECU is Houston’s largest credit union and has more than 376,000 members and $4.8 billion of assets. Space City has 12,000 members and $141 million of assets.
As part of the merger, TDECU will acquire the Space City brand and will operate in the Greater Houston area – including Brazoria County – as Space City Financial, although TDECU will continue to be the legal name of the organization.
The newly-formed company will be led by TDECU President and CEO Isaac Johnson, and Space City Credit Union’s President and CEO, Craig Rohden, will retire.
Space City was looking for a partner with shared values and mission that would continue to serve and grow with their members, the companies said.
“This merger allows us to benefit from improved efficiency in operations, technological growth initiatives, and experienced management and operations teams who are committed to delivering a superior member experience,” the company said in the release.
TDECU said it has no plans to close any of the three Space City branches.
TDECU in April announced plans to acquire Many, Louisiana-based Sabine State Bank and Trust. The deal will expand TDECU’s lending to small-business owners in oil and gas, agriculture and energy as Sabine specializes in commercial loans in those spaces.
Space City lost roughly $171,000 in the first half of 2024 after earning $247,000 a year earlier, according to call report data from the National Credit Union Administration.
For TDECU, earnings were down 16% after the second quarter to $9.7 million.
“The name change reflects a broader strategy which signals a new chapter and direction for the combined organization. While SCCU may be merging into TDECU, the decision to change the name is tied to a vision of evolving beyond the legacy of both entities, creating a unified brand that can better represent the combined strengths of our two organizations.”
TDECU