Texans Credit Union of Richardson, Texas, has become the first credit union in the nation in 2016 to emerge from conservatorship, the NCUA announced Friday.
"This is a real success story, and much of the credit goes to the hard work of Texans' leadership team, credit union staff and its members," NCUA Board Chairman Rick Metsger said. "Working collaboratively with the agency, Texans' leadership and staff restored their credit union's financial health, revamped operations and provided critical services to members. As a result, the credit union is now on a sound foundation."
The NCUA placed the credit union into conservatorship in April 2011. The conservatorship was successful because the credit union's new management team was able to carefully mitigate exposure from troubled assets, improve lending controls and revitalize operations, the NCUA said.
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