Monday, April 18, 2011

NCUA Conserved Two Credit Unions, Including $1.6 Billion Texans CU

NCUA on April 15 placed Texans Credit Union and Vensure FCU into conservatorship. The bigger story is the conservatorship of $1.6 billion Texans Credit Union in Richardson, Texas.

Texans was significantly undercapitalized after reporting losses of almost $91 million over the last two years.

Texans held almost $93 million in foreclosed real estate loans at the end of 2010, mostly commercial real estate loans.

I'll provide more details once Q1 financials are released for Texans CU at the end of the April.

Read Texans CU press release.

Read Vensure FCU press release.
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