The $1.45 billion Texans Credit Union in Richardson, Texas posted year-end 2015 net income of $26.63 million while operating under conservatorship, marking 48 consecutive months of positive earnings.
According to the NCUA, Texans' net worth ratio was 3.48%, excluding subordinated debt, an increase of 181 basis points from year-end 2014.
The NCUA placed Texans into conservatorship in April 2011 to address service and operational weaknesses. Since then, the NCUA, the credit union's management team and Texans' employees have worked to improve the credit union's financial condition and services for its 111,000 members. Deposits at Texans remain protected by the National Credit Union Share Insurance Fund.
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The credit union reported 2015 resulted in the strongest year-over-year financial performance in Texans' 62-year history, the NCUA said in a release announcing the positive earnings.
"Texans' continued success is due to the credit union's refocusing the institutional culture on service to its members," C. Keith Morton, NCUA Region IV Director and Agent for the Conservator, said. "This organizational shift is increasing operational efficiencies and improving the credit union's infrastructure to better serve its membership."
Chartered in 1953, Texans operates 13 branches in the Dallas metropolitan area. Membership is open to individuals and their family members who live, work or attend school in Collin, Dallas, Grayson, Rockwall, Travis, Williamson counties and parts of Denton County. Texans also serves employees of various companies in the credit union's field of membership, including Texas Instruments, Raytheon and Ericsson.
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