With a boost in net income and assets, Texans Credit Union appears to be on the road to recovery a year after being placed in conservatorship.
The NCUA reported today that the credit union posted year-to-date net income of $5.87 million and $1.48 billion in assets, up from $1.42 billion at year-end 2011. The agency said Texans' net worth also improved by 35 basis points during the first three months of 2012, ending the first quarter at 1.42%.
"Our goal for 2012 is to continue efforts to transition Texans to a financially strong credit union," said Keith Morton, NCUA region IV director and agent for the conservator, in a statement. "For the past year, we reduced expenses, streamlined operations, retooled infrastructure, and began the process of returning Texans to the core credit union business model. We see significant progress in all of these areas, and we are very encouraged by the credit union's positive financial results for the first quarter of the year.
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