OKLAHOMA CITY, Okla.–Tinker FCU is moving into the Lone Star State following a vote in favor of a merger by members of the critically undercapitalized, Cross Roads, Texas-based LiFE FCU. 

Cross Roads, Texas is approximately 45 miles north of Dallas, and 175 miles south of Tinker FCU’s headquarters.  LiFE stands for Living in Fulfillment Everyday. 

According to its March 31 call report, LiFE FCU, which had 1,772 members, reported a loss of $230,696 in the first quarter, with capital at a woeful 2.17%.

The former LiFE FCU location in Cross Roads is now operating under the TFCU banner, and renovations are underway for a new branch to open in Denton during the summer, according to the credit union.

‘Financial Journey’

“We are thrilled to welcome the new members from LiFE FCU to the TFCU family,” TFCU President and CEO Dave Willis, said in a statement. “As we come together through this merger, we want them to know how excited we are to serve and be part of their financial journey.”

TFCU reassured members they can still use their existing checks and cards, with further details to be announced as systems are fully integrated.

The $6.1-billion Tinker FCU has approximately 473,000 members.

New CEO Named

Separately in Texas, Security Service Federal Credit Union has announced the retirement of its long-time president and CEO, Jim Laffoon. 

Laffoon had been with the $14-billion Security Service for more than 35 years, joining the credit union in 1989 and then holding a variety of positions until being named to lead the organization in 2012.

Security Service has tapped Mike Chapman as its new president and CEO. Chapman previously served as executive vice president and chief operating officer with Security Service.