$1.4 billion credit union reported $23M net income and 3.64% net worth as of Dec. 31. NCUA's lawsuit against former CEO Addison ongoing.
Dobbs succeeds retiring Steve Dunham at $126 million Phoenix institution.
Kansas City investment CUSO sends out letter saying CEO Brian Hague, EVP Doug Richardson, have left.
While it’s been a little over a year since Telesis Community Credit Union went under conservatorship, credit unions may find there are still more lessons to learn from the cooperative’s collapse.
Business services specialist points at MBL exposure, loan loss allowances, dependence on CUSO revenue, high operating expenses.
In 2012, the NCUA reported nearly 1,500 federally insured credit unions had loan participations with total balances of nearly $13 billion.
The NCUA filed suit late last month against David Addison, former CEO of Texans Credit Union, accusing him of breach of fiduciary duty and gross negligence that led to the $1.4 billion credit union’s April 2011 conservatorship.
CNBS LLC says David Addison is one of several partners in holding company that bought 51% stake.
Suit alleges misconduct, bad investments led to credit union's $16 million in losses.
The NCUA announced on April 2 that it has contracted with the $1.3 billion Premier America Credit Union to manage the assets of the $318 million Telesis Community Credit Union during Telesis’s conservatorship. Both credit unions are based in Chatsworth, Calif.