EDINBURG, Texas–Edinburg Teachers Credit Union has been released from conservatorship and returned by NCUA and the Texas Credit Union Department to member control with a new board of directors.
The Texas Credit Union Department took possession of Edinburg Teachers Credit Union in March 2021 and appointed NCUA as “conservator to ensure the credit union’s financial stability and safe-and-sound operation. Member services continued uninterrupted through the conservatorship,” the agencies said.
At the time of the conservatorship, the agencies did not list a reason for making the move.
According to its Sept. 30 call report, Edinburg Teachers posted $316,981 in net income, with capital of 21.55%.
Three months before being placed into conservatorship, the credit union closed 2020 with net income of $682,722 and net worth of nearly 23%.
At the time of conservatorship, it had assets of $106.2 million and more than 12,000 members. As of Sept. 30, 2022, the credit union reported $96.4 million in assets, and 7,113 members.
Worked ‘Diligently’
“Edinburg Teachers’ leadership and staff diligently worked to revitalize operations, update and reopen the credit union facility so members can conduct business in person, modernize the website, enhance lending services, and maintain a robust capital position,” NCUA Chairman Todd M. Harper said in a statement. “Their efforts, along with the hard work of NCUA employees and the Texas Credit Union Department, have led to a credit union that is now on a sound footing and will continue to provide essential financial services to its members. The newly seated board of directors are professionals from the community and eager to serve the membership. In short, Edinburg Teachers Credit Union is now set up for long-term success.”
The FOM
Edinburg Teachers Credit Union serves employees of many of the school districts in the Rio Grande Valley, Texas, the University of Texas Rio Grande Valley, several select employer groups, and persons located within 10 miles of the credit union’s offices.