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Texas CU Considering Mutual Bank Conversion

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...

By David Morrison | Updated on April 17, 2007

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).

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