RICHARDSON, Texas — The financial losses Texans Credit Union experienced in 2008 “started to take a toll” on President/CEO David Addison, who announced yesterday he would resign, said Mike Sauer, interim CEO and 16-year board member.

Texans had its struggles last year. For the first time ever, the financial institution suffered a $29 million loss last year due in large part to market conditions and values of commercial real estate associated with the housing industry, Addison wrote in a recent letter to members. The CU’s member business lending program was scaled back. Texans also spent much of the year defending itself against lawsuits from former executives.


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