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Another CU Aims to Become Bank; Converting CU in Texas Run by Former NCUA Examiner; Shows Pattern of Strong Growth

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.

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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.

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