HARLINGEN — In an odd twist, a credit union is taking over a bank.
Rio Grande Valley Credit Union purchased the First National Bank building at 1221 Morgan Blvd. and is pumping around $1.8 million into a complete renovation and refit.
When finished by the end of the year, the fast-growing local lender will move its cramped main office from 2910 E. Grimes Ave. to the new facility.
“You walk a fine line between wanting to grow and being able to control that growth financially, and we’ve been blessed,” said Missy Morrow, chief executive officer for the credit union.
And grow is what RGVCU has been doing.
The credit union was founded in 1954 with just $6,000 in assets. It now has four locations, another Harlingen site on West Expressway 83, and two other locations in San Benito and Lyford.
The credit union currently has 17,000 members and assets of $85 million, according to its 2016 financial statement.
“We’ve been in the same building — I believe this building was built in 1976 if I’m not mistaken,” Morrow said. “We’ve just been experiencing a lot of growth and we have utilized this building as much as we possibly could over the years.”
“It was just time for us to really bite the bullet and move forward,” Morrow added.
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