The $104 million First Basin Credit Union, formerly known as the Medical Center Credit Union, has submitted disclosure documents to NCUA about possibility converting to a mutual bank, NCUA has confirmed. This would appear to make First Basin the second credit union poised to begin the charter conversion process under NCUA's most recent disclosure and balloting regulations.
First Basin has a community charter to serve two counties in the Odessa area, has just over 22,000 members, and a net worth ratio of 9.26 according to NCUA. It also has a return on assets of 1.61 or over double that of its peer group (0.77).
The credit union has not yet returned phone calls to comment on the charter move. According to the rules adopted by the Texas Credit Union Commission last year, state chartered credit unions which wish to convert to mutual banks must notify their members that they are considering a charter change at least 30 days prior to their board's taking a final vote on the charter change.
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