Space City Merger Complete
By: Leon Castles
on Wednesday, May 16, 2012
Houston based Space City Credit Union has announced that they have completed the merger with Independence Parkway Federal Credit Union. The company said that the decision was taken by board members as they have approved the proposed merger. Space City said that the approval for the merger came on May 10 and the merger will be effective from June 30. Both the companies feel that this merger will help them to grow collectively and improve the business in the future which is the sole purpose of the merger.
Once the merger is complete, Space City and Independence Parkway will have more than 8200 customers and together they will have combined assets worth $60 million. The current asset total of Space City is around $40 million while Independence Parkway assets total up to $20 million. The merger will also combine the workforce of both the companies. Space City has 18 employees that will add up 8 employees of Independence Parkway. Once the merger is effective the combined entity will be called Space City Credit Union. Space City will also retain their headquarters which is at 3101 Harrisburg Blvd in downtown Houston. Space City will also take over the La Porte location and the company will have 25 branches in the Houston area.