ODESSA, Texas — A state chartered credit union in Texas whose CEO is a former NCUA examiner has filed an application with the Office of Thrift Supervision to become a federal mutual savings bank.
The $113 million First Basin Credit Union, headquartered in Odessa, is 42 years old, has over 23,000 members and a recent history of very strong growth. NCUA data indicate the CU has seen 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.
This rate of growth has meant the credit union has an ROA of more than double its peer group (1.59 vs. 0.71 for peers) while its net worth lags significantly (9.32 versus 11.68 for peers).
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