Edinburg, Texas sign. (Source: Adobe Stock) Edinburg, Texas sign. (Source: Adobe Stock)

The former board chair of the $106 million Edinburg Teachers Credit Union said he was shocked when he received a call from Texas regulators that the credit union was conserved, though he dismissed the notion as to whether the former CEO’s extraordinary high compensation had anything to do with it.

“Just because we paid our CEO so much money. That’s ridiculous,” former Edinburg Teachers Board Chair Richard K. Kanipe said when recently reached by CU Times. “I mean, yeah, he made a lot of money, but again, he’s been there over 22 years, and he had opportunities several times to go to big credit unions and he decided to stay here, so we had to pay him to keep him, but we thought he was doing great things for the credit union.”

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Peter Strozniak


Credit Union Times

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