RICHARDSON, Texas — Despite rumors that David Addison had been terminated as president/CEO of Texans Credit Union, the $1.8 billion financial institution confirmed today that the rumblings are not true.
A source familiar with Texans' senior management contacted Credit Union Times with information that Addison had been terminated on Nov. 14. According to Matt Davis, executive vice president at Texans, Addison is still president and CEO of the credit union.
"That is not true," Davis said this morning when asked to confirm whether Addison had been fired. "He was in the office all last week."
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Texans has been embroiled in a number of lawsuits involving former executives, the CU and its CUSOs. Richard M. Boyd, the real estate investor who bought the majority share of Texans Commercial Capital in 2007, filed a suit on Oct. 8 against Texans to recoup between $5 million-$10 million for allegedly breaching a contract involving branch leases, according to Boyd's attorney. Kevin M. Curley, the former president of Texans Insurance Group who was terminated in April 2007, recently filed a new legal action against the CUSO and the credit union for violating a July arbitration ruling that was supposed to reinstate Curley. On Sept. 22, a jury ruled that three former executives with Texans Commercial Capital were wrongly terminated in 2006.
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