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.
Delaware firm adds Illinois credit union to its list of targets.
In Texas, it’s no secret that going big is the likely way to go in the Lone Star state.
A resort and spa that still owed $21 million to Texans Credit Union has new ownership.
The Great Depression and the decades leading up to it forced many to look beyond their comfort zones just to be able to survive another day.
From shutting down unprofitable branches to refocusing its efforts on consumer loans, Texans Credit Union is hoping some of those moves will help bring it out of conservatorship.