Conservatorship is a scary word, and only a lucky few credit unions have lived to talk about it.

For the tiny handful that have convinced regulators in recent years to give them a second chance and release them from conservatorship, Independence Day takes on a whole new meaning. The leaders who beat those long odds shared a few war stories with CU Times.

One of the newest members of that tiny survivors' club, the Richardson, Texas-based Texans Credit Union, won back its freedom on June 17. Back in April 2011, the NCUA put the $1.5 billion credit union into conservatorship. The agency and the credit union's leaders then went to work tackling troubled assets, improving lending controls, revitalizing operations and improving operating efficiencies. According to the regulator, the 111,000-member credit union gained more than $100 million in net worth during that time.