ALEXANDRIA, Va. (1/29/14)--Texans CU, Richardson, Texas, continues to improve under National Credit Union Administration conservatorship, reporting an increased net worth ratio, expanding loans and the shedding of distressed assets in 2013.
The NCUA placed Texans into conservatorship in April of 2011, citing service and operational issues. In its 2013 financials, the recovering credit union reported:
Year-end 2013 net income of $23 million;
Consumer loan portfolio growth of more than $19 million;
Total assets of more than $1.4 billion; and
A net worth ratio of 3.64%.
More than $200 million in distressed assets have been divested since early 2012, the NCUA added.
NCUA Region IV Director C. Keith Morton said the agency is "pleased with Texans' progress through the rebuilding process."
The credit union is on the right path," and will continue to focus on members, introduce new services and operate efficiently in 2014, he added.
The credit union was chartered in 1953 and operates 13 branches in the metropolitan Dallas area. Individuals and their family members who live, work or attend school in Collin, Dallas, Grayson, Rockwall, Travis, Williamson counties and parts of Denton County, and employees of Texas Instruments, Raytheon, Ericsson and other select groups may join the credit union.