Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
"The decision to conserve a credit union enables the institution to continue regular operations with expert management in place correcting previous service and operational weaknesses," the NCUA wrote in a statement.
The regulator confirmed that Texans CU President/CEO Michael Sauer was removed along with the cooperative's entire board of directors. Kay Woods, known within the industry for aiding other troubled credit unions in the past, was brought in to guide Texans. Woods most recently worked with Arrowhead Central Credit Union in San Bernardino, Calif., after it was placed in conservatorship in 2010.
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