ALEXANDRIA, Va.—Following its third consecutive year of growth while being operated under NCUA conservatorship, the $1.5-billion Texans CU has been placed again under the control and direction of its members, the agency announced Friday.
“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 when it encountered significant lending problems. Working in collaboration with NCUA and the Texas Credit Union Department, Texans’ new management team saved their credit union from certain failure, NCUA said. 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, according to a statement from the agency.
Texans’ net worth position grew by more than $100 million since the end of 2011 through strong earnings.
Texans is the first federally insured credit union to emerge from NCUA conservatorship in 2016.
Chartered in 1953, Texans serves more than 111,000 members, providing financial services to people residing in the counties of Dallas, Collin, Rockwall, Travis and Williamson, Texas.