NCUA Places Texans Credit Union Into Conservatorship
The NCUA said Friday night that it had placed Texans Credit Union of Richardson into conservatorship.
Texans Credit Union currently has 133,000 members and assets of $1.6 billion. The serves Collin, Dallas, Rockwall, Travis, and Williamson, as well as parts of Denton County in Texas. The credit union remains open for business under NCUA oversight and will as the agency continue to resolve issues of safety and soundness.
Texans had experience large losses in its business lending portfolio over the last couple of years as well as several legal battles concerning its CUSOs. Texans’ former CEO David Addison resigned near the beginning of the large credit unions’ troubles.
Members of Texans Credit Union who have questions about the conservatorship may review the Texans Credit Union Frequently Asked Questions document posted.
Texans Credit Union is federally insured by NCUA’s National Credit Union Share Insurance Fund with individual accounts covered up to $250,000.
The credit union is the third conserved so far this year by the NCUA and by far the largest. Earlier Friday, the agency said it has conserved the $2.7 million Vensure FCU in Mesa, Ariz. In February, the $2.2 million Greensburg FCU in Greensburg, Pa., was conserved.