Texas Dow Employees Credit Union

From Wikipedia the free encyclopedia

Texas Dow Employees Credit Union
Company typeCredit union
IndustryFinancial services
Founded1955
HeadquartersLake Jackson, TX
Number of locations
38
Area served
Texas
Key people
Isaac Johnson
(President & CEO)
Products
  • Savings
  • Checking
  • Credit cards
  • Loans
  • CDs
  • IRAs
  • Mortgages
  • Insurance
  • Wealth Management
Number of employees
896 (April 2022)[1]
Websitewww.tdecu.org

Texas Dow Employees Credit Union (TDECU) is a credit union based in Lake Jackson, Texas, with 38 service locations, including 34 member centers. TDECU is the largest Houston-area credit union, and fourth largest in the state of Texas,[2] with over 372,000 members and assets of $4.7 billion as of April 2022.[1] In 2014, they purchased the naming rights to the University of Houston Cougars football stadium, TDECU Stadium.

History[edit]

The Texas Dow Employees Credit Union was founded by employees of Dow Chemical Company in December 1954, receiving its charter from the State Attorney General that month.[3][4] Its first organizational meeting was held in the Freeport Junior High auditorium in Freeport, Texas, on January 3, 1955, with memberships available for deposits of up to five dollars.[3] Membership was initially limited to Dow and Ethyl-Dow employees.[4] In 1958, the credit union had 780 members and assets totaling $210,000; by 1971, it had a reported 8,500 members, with assets over $7.5 million.[5] As of April 2022, it has over 366,000 members, with assets of $4.5 billion.

In December 2011, the company created TDECU Holdings to manage its subsidiaries: TDECU Insurance, TDECU Wealth Advisors, TDECU Real Estate and Century Oaks Title.

Timothy D. Belton was named president and CEO of TDECU Holdings.[6] In October 2012, Stephanie Sherrodd was appointed as TDECU's new president and CEO, replacing Edward Speed, who had served as CEO since 2003.[7][8] In June 2021, Isaac Johnson was named President & CEO. [9]

TDECU Stadium[edit]

Main article: TDECU Stadium

In July 2014, the University of Houston and TDECU announced a naming rights partnership to rebrand the Houston Cougars' new 40,000-seat football stadium as TDECU Stadium, with TDECU paying $15 million over 10 years for the rights.[10] The deal runs through June 16, 2024 and at the time was the third-most lucrative naming rights deal among NCAA facilities. There is also a mutual option to extend the deal for another five years at an additional $7.5 million after the original 10-year deal expires.[11] It was the first major corporate sports venue sponsorship for TDECU, which previously had deals with the Texas Bowl game, Sugar Land Skeeters of the independent Atlantic League of Professional Baseball, and the Houston Livestock Show and Rodeo.[11][12]

Locations[edit]

TDECU is based in Lake Jackson, Texas, and has 40 additional locations within Texas in Angleton, Bay City, Baytown, Brazoria, Cuero, Dallas, Edna, Fort Worth, Freeport, Hallettsville, Houston, Katy, Missouri City, Pasadena, Pearland, Port Lavaca, Rosenberg, Shenandoah, Sugar Land, Texas City, Victoria and Yoakum.[13][14]

Services[edit]

TDECU provides the following services:[13]

Mergers and acquisitions[edit]

Some of TDECU's mergers and acquisitions include: a 2011 merger with Bluebonnet Credit Union of Houston;[15] the 2012 acquisitions of Associated Insurance Agency in Houston, Assurance Insurance Agency of Bellville, Texas, and Burridge Insurance Agency of Angleton, Texas;[16][17] the July 2013 acquisition of 7 branches from Hancock Bank;[18] the 2014 acquisition of 1,200-member employee credit union of FMC Technologies;[14] and a 2014 partnership with James E. Bashaw & Co. to help build TDECU's wealth management business.[14]

References[edit]

  1. ^ a b Jack Witthaus, "How TDECU became one of the biggest credit unions in Texas," Houston Business Journal, October 19, 2017.
  2. ^ Emily Wilkinson, "Meet Houston's billion-dollar credit unions," Houston Business Journal, October 14, 2016.
  3. ^ a b "Credit Union Chartered," Freeport Facts, December 24, 1954.
  4. ^ a b "Dow Payroll Deductions Okayed For Credit Union," Brazosport Facts, October 18, 1956.
  5. ^ "Kara Cooper's roles in community broad," Brazosport Facts, June 20, 1971.
  6. ^ "People in Business," Houston Chronicle, December 2, 2011.
  7. ^ Collin Eaton, "TDECU names new president and CEO," Houston Business Journal, July 19, 2012.
  8. ^ Zachery Kouwe, "Small Banks Move In as Giants Falter," New York Times, November 1, 2009.
  9. ^ "TDECU Names Isaac Johnson President and CEO" (PDF). TDECU.org.
  10. ^ David Barron, "Wanting its spot on national playing field, UH opens stadium," Houston Chronicle, August 28, 2014.
  11. ^ a b Joseph Duarte, "UH's stadium naming-rights deal among colleges' most lucrative," Houston Chronicle, July 8, 2014.
  12. ^ "Texas Dow Employees Credit Union TDECU Among Houston's Top Workplace for Third Consecutive Year," Houston Newcomer Guides. Accessed July 18, 2017.
  13. ^ a b Company Overview, Bloomberg.com. Accessed July 18, 2017.
  14. ^ a b c Mark Yost, "Latest TDECU buy gives it a toehold in north Houston," Houston Business Journal, May 19, 2014.
  15. ^ Jim Rubenstein, "In Big Houston Expansion, Texas Dow Employees Credit Union Plans Bluebonnet Merger," Credit Union Times, May 17, 2011.
  16. ^ "TDECU Insurance Agency Acquires Associated Insurance Advisors," Insurance Journal, January 6, 2012.
  17. ^ Michelle A. Samaad, "Texas Dow Employees CUSO Continues Insurance Buying Spree," Credit Union Times, February 3, 2012.
  18. ^ "TDECU Announces Purchase of Seven Whitney Bank Branches Previously Slated for Closure" (Press release). Business Wire. July 22, 2013.

External links[edit]

Retrieved from "https://en.wikipedia.org/w/index.php?title=Texas_Dow_Employees_Credit_Union&oldid=1086347227"