Credit Unions Unite to Serve Their Communities

Cornerstone League recognizes member credit unions and chapters for their growth and community endeavors to exemplify the “people helping people” philosophy.

Space City Credit Union and TDECU Form Space City Financial

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Space City Credit Union is merging into TDECU, Houston’s largest not-for-profit financial institution. TDECU President/CEO Isaac Johnson will lead the new organization in this next chapter. After growing and leading the organization for 30 years, Space City Credit Union President/CEO Craig Rohden will retire.

Upon regulatory approval of the merger, TDECU will have nearly $5 billion in assets and close to 400,000 members. It will also adopt the brand name Space City Financial in the Greater Houston area, including Harris and Brazoria counties.

“We will unite our strengths and offer our members even more robust products, services, and technological investments,” Johnson said. “Together, we will be one organization, fully committed to enhancing the member experience and continuing to grow in ways that benefit the communities we serve. I am thrilled to lead the combined organization as we officially merge with a financially strong credit union that shares our vision and our values.”

TDECU members and Space City Credit Union members should conduct their business as usual. There will be no change to their accounts or banking experience. The transaction is anticipated to be completed later this year, subject to receiving all regulatory approvals and other closing conditions. Changes will not take place before the first quarter of 2025.

A strong performing credit union with a rich local history
Originally chartered by a handful of employees in 1965 as Stewart & Stevenson Credit Union, Space City Credit Union has $140 million in assets and serves over 12,500 members who live and work in Harris and Brazoria counties.

“We are excited about this combination with TDECU, and that the Space City brand will expand in the greater Houston area,” said Rohden. “We share a deep commitment to empowering our members and their families to build brighter financial futures. Given TDECU’s size and reach, this merger allows us to offer even more comprehensive services and innovative financial solutions that not only meet the needs of our current members but also position us to serve their families well into the future.”

Austin CUs Unite to Build Affordable Homes Amid Rising Housing Costs

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In a city where home values are skyrocketing and interest rates are climbing, Austin residents are finding it increasingly difficult to stretch their paychecks to cover rising prices. Building or purchasing a home is often the largest investment a person will ever make, and the path to homeownership is unique for everyone. The benefits of owning a home, however, can be life-changing.

To address this pressing issue, a group of credit unions launched its fifth annual wall-raising for the House That Credit Unions Built on Sept. 12. The initiative began in 2020 when University Federal Credit Union (UFCU) formed a groundbreaking coalition of seven cooperatives to build a Habitat home. The House That Credit Unions Built was the first of its kind in the nation, embodying the principles of Cooperation Among Cooperatives and Concern for the Community.

Over the past four years, this initiative has raised over $300,000, built four homes for 11 family members, and garnered the support of over 1,000 employee volunteers. This year, the participating credit union groups include:

• UFCU
• Austin Telco
• Greater Texas Federal Credit Union
• Velocity Credit Union
• Austin Chapter of Credit Unions

“As financial institutions, we know that a home is the largest investment someone will make in their lifetime,” said Executive Vice President of Member Experience Chris Turnley. “It is also a tool that allows people to create generational financial security. As Austin thrives, we’re also seeing the gap between prosperity and disparity grow wider. That is why this group of credit unions has joined together with Austin Habitat for Humanity for our fifth ‘House that Credit Unions Built’ project. Credit unions were founded to provide access to affordable capital and, in essence, hope. A home brings hope.”