LIVE OAK, Texas—A merger involving two very large credit unions—one of which is struggling with net worth–and which would cross state lines is being proposed.
The $800-million True Sky FCU in Oklahoma City, Okla., and the $19-billion Randolph Brooks FCU in Live Oak, Texas, said they are looking to combine.
At year-end, True Sky posted $175,548 in net income, with net worth of 6.08%. As of Sept. 30, RBFCU had $210.2 million in net income and net worth of 12.88%.
“Through this merger, RBFCU and True Sky will continue their commitment to the core beliefs that make credit unions stand apart from other financial institutions, while providing increased accessibility and financial soundness for members throughout Texas and Oklahoma,” the credit unions said in a statement.
‘Shared Heritage’ Cited
True Sky was chartered in 1946 by the forerunner of the Federal Aviation Administration (FAA). It now has more than 64,000 members and 14 branches in the greater Oklahoma City area. Randolph Brooks FCU, headquartered in the San Antonio area, has more than 1.1 million members and 64 branches in the Lone Star State. 64 branches throughout Texas.
“We are combining our shared heritage in aviation and spirit of people helping people to provide more value and support to our members,” RBFCU CEO Mark Sekula said in a statement. “Our deep roots in the Southwest and foundations in civilian and military aviation give us the opportunity to provide even more financial soundness and resources to our members and communities, grounded in a shared history and culture. We are thrilled to take flight together.”
