ODESSA, Texas — The $113 First Basin Credit Union, headquarteredin Odessa, Texas, has filed an application with the Office ofThrift Supervision to change its charter to that of a federalmutual bank. The agency listed November 22 of this year as the dateby which they will have to make a decision.

Texas charters First Basin and according to NCUA's records the42 year old CU has over 23,000 members. The agency's data alsoshows that the credit union has an ROA of more than double its peergroup (1.59 vs. 0.71 for peers) it's net worth lags peer groupsignificantly (9.32 versus 11.68 for peers).

The lagging net worth ratio may not be a surprise, given thatNCUA also shows the CU has averaged 12.61% growth in its loanportfolio, an average 8.49% increase in the number of its membersand an average 16.77% growth in its assets since June of 2006.