First Community Credit Union of Houston closed Thursday on a securitization of $255.5 million in auto loans it originated, raising the year's total of credit union auto loan-backed securities sales to nearly $1 billion.
The deal will ease liquidity constraints at FCCU ($2.6 billion in assets, 162,097 members as of March 31) based on CU Times' analysis of NCUA data gathered from Callahan & Associates / Peer Suite. The credit union will also earn a 1% servicing fee.
The credit union's loan-to-share ratio stood at 100.1% on March 31, up from 92.9% a year earlier and down from 101.4% on Dec. 31. Had the deal closed March 31, its loan-to-share ratio would have been 87.2%.
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