ODESSA, Texas — The $113 First Basin Credit Union, headquartered in Odessa, Texas, has filed an application with the Office of Thrift Supervision to change its charter to that of a federal mutual bank. The agency listed November 22 of this year as the date by which they will have to make a decision.

Texas charters First Basin and according to NCUA's records the 42 year old CU has over 23,000 members. The agency's data also shows that the credit union has an ROA of more than double its peer group (1.59 vs. 0.71 for peers) it's net worth lags peer group significantly (9.32 versus 11.68 for peers).

The lagging net worth ratio may not be a surprise, given that NCUA also shows the CU has averaged 12.61% growth in its loan portfolio, an average 8.49% increase in the number of its members and an average 16.77% growth in its assets since June of 2006.

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