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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.