Texas Trust Credit Union has joined the small number of credit unions that have more than a billion dollars in deposits.
The credit union has seen steady growth in the last eight years – growing overall deposits by 70 percent – strengthening its financial position to achieve this milestone.
The 118,000-member credit union is now ranked in the top five percent of U.S. credit unions, based on deposit size, and is number 17 in Texas.
Texas Trust’s focus on growing its deposits began when President Jim Minge joined the credit union in 2011. The credit union emphasized growing its member base through checking and savings products aimed at a larger number of consumers. This allowed Texas Trust to offer new and more appealing products, which successfully increased both membership and the deposit base. Since implementing this new strategy, the credit union’s general savings and checking account deposits grew by 175 percent.
The growth of deposits through a broader member base has helped Texas Trust expand its services, offer highly competitive rates for loans and savings, and launch member-friendly products such as Bonus checking, which rewards members for usage.
“We have been steadfast in our focus to organically grow deposits over the last eight years,” said Minge, the credit union’s President and CEO. “This is a significant achievement since consumers have so many choices about where to bank today. We appreciate every member who puts their money and faith in Texas Trust and the service we provide.”
“By helping our members keep more of their money and assisting them with building brighter financial futures, we’ve been able to reach this deposit milestone,” Minge said.
