NCUA returns control of Texans Credit Union to members
ALEXANDRIA, VA (June 17, 2016) — Texans Credit Union of Richardson, Texas, is once again under the control and direction of its members, the National Credit Union Administration announced today.
“This is a real success story, and much of the credit goes to the hard work of Texans’ leadership team, credit union staff and its members,” NCUA Board Chairman Rick Metsger said. “Working collaboratively with the agency, Texans’ leadership and staff restored their credit union’s financial health, revamped operations and provided critical services to members. As a result, the credit union is now on a sound foundation.”
NCUA placed Texans into conservatorship in April 2011. Working in collaboration with NCUA and the Texas Credit Union Department, Texans’ new management team saved their credit union from certain failure. The conservatorship was successful due to the unified efforts to carefully and deliberately mitigate exposure and risk from troubled assets, improve lending controls, revitalize operations, and improve operating efficiencies. Texans’ net worth position grew by more than $100 million since the end of 2011 through very strong earnings.
Texans is the first federally insured credit union to emerge from NCUA conservatorship in 2016.
Chartered in 1953 and federally insured since 1972, Texans is a full-service credit union with more than 111,000 members and assets of more than $1.5 billion. Texans provides financial services to people residing in the counties of Dallas, Collin, Rockwall, Travis and Williamson, Texas, through its 13 branches and participation in the CO-OP credit union network.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.