Neighborhood Credit Union and Pegasus Community Credit Union Finalize Merger

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Two of the oldest credit unions in Dallas join together creating a $600 million strong credit union serving 47,000 members in Dallas-Fort Worth and Midland, Texas

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This partnership allows us to further solidify our commitment to the neighborhoods we serve

Neighborhood Credit Union and Pegasus Community Credit Union announced today that the merger between their two credit unions has been finalized. Systems and operational integration will be completed on June 1, 2016. The merger has been approved by the National Credit Union Administration (NCUA) and the Texas Credit Union Department.

Chet Kimmell, President/CEO of Neighborhood Credit Union, will continue to lead the combined organization. Kimmell has been CEO of Neighborhood Credit Union since 1994 overseeing growth from $100 million to almost $400 million in assets. “This partnership allows us to further solidify our commitment to the neighborhoods we serve and provide more access than ever to our innovative products and services like Kasasa and Prize Savings---all designed with the financial well-being of the community in mind.”

As a result of this merger, Neighborhood Credit Union will have thirteen locations throughout Dallas Fort-Worth (DFW) including Ellis, Tarrant and Denton counties along with one location in the city of Midland, Texas. “After extensive research and consideration we chose Neighborhood Credit Union due to their similar culture and geography that will allow for increased community branch locations, improved technology, and enhanced products and services that will benefit our members,” said Jason Scott, President/CEO of Pegasus Community Credit Union.

The merger will not result in any branch closings or layoffs. The merged entity will be one of the largest credit unions in the Dallas area providing more opportunities for the membership and employees to combine and expand the potential for mutual future success.

Both Dallas-based credit unions have a long history of service in DFW. Neighborhood Credit Union, chartered in 1930 as Dallas Postal Employees Credit Union, is the oldest credit union in Dallas. As the original name suggests, the credit union was formed to serve Dallas postal workers and their families. Pegasus Community Credit Union was chartered in 1935 as Magnolia Federal Credit Union by fourteen employees of the Magnolia Petroleum Company and later became the exclusive credit union for the Mobile Oil Company in Dallas in 1960.

About Neighborhood Credit Union

The oldest credit union in Dallas (chartered April 18, 1930), Neighborhood Credit Union is a not-for-profit financial organization serving Dallas, Denton, and Ellis counties, as well as the cities of Arlington and Midland. With branches in Downtown Dallas, Oak Cliff, North Dallas, Richardson, Arlington, Mesquite, Duncanville, Waxahachie, Lancaster, Grand Prairie, Coppell and Midland and assets topping $600 million, Neighborhood Credit Union has a membership of 47,000 and continues to welcome new members daily. For more information, call (214) 748-9393 or visit

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Carolyn Jordan

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