In an apparent effort to remain financially sustainable, Texans Credit Union has received $60 million in subordinated debt.
The $1.4 billion credit union in Richardson, Texas, reportedly received the infusion in December 2011, according to its latest NCUA Call Report. The $60 million subordinated debt is included in Texans' net worth.
The credit union's total equity was negative $46.5 million as of December 2011. It appears that if Texans had not received the $60 million, it would be declared insolvent with a net worth of minus $44.7 million.
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