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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
