ALEXANDRIA, Va. (1/25/13)--Two conserved credit unions, Texans CU and Keys FCU, appear to be recovering under National Credit Union Administration supervision: both posted impressive net worth ratio gains in 2012.
The NCUA on Thursday reported that Texans, which is based in the Dallas metropolitan area, reported a net worth increase of 161 basis points (bp) for the year ended Dec. 31, 2012. The increase brings the credit union's total net worth ratio to 2.68%.
"We are delighted to see the hard work and tough choices made by management pay off like this," said Texas Credit Union League president and CEO Dick Ensweiler.
The credit union held $1.43 billion in assets at the end of 2012, and recorded $24.17 million in net income. NCUA Region IV Director C. Keith Morton said the NCUA is encouraging the credit union to offer "many new product and service enhancements, such as remote deposit capture, online account opening and debit card purchase rewards."
The NCUA placed Texans into conservatorship in April of 2011, citing service and operational issues.
The net worth ratio of Keys FCU of Key West, Fla., increased by 80 bp in 2012. Keys FCU's net worth ratio totaled 3.7% at the end of the year.
The credit union, which voluntarily entered NCUA conservatorship in 2009, also reported $965,714 in net income and $124.2 million in total assets at the end of 2012.
NCUA Region III Director Herb Yolles said the agency has "restructured Keys to provide the members greater access to services and products." Mobile banking and credit cards will be among the new service enhancements offered in 2013, he noted.
"Keys FCU is a good example of a credit union that is on a road to recovery thanks to the support and assistance of many, including the NCUA," Patrick La Pine, president/CEO of the League of Southeastern Credit Unions, said.
For NCUA releases on both credit unions, use the resource links.