Tuesday, February 2, 2016

Texans Repays Section 208 Net Worth Assistance, Earns Almost $27 Million

Texans Credit Union (Richardson, TX), a state-chartered, federally insured credit union operating under the conservatorship of the National Credit Union Administration, posted year-end 2015 net income of $26.63 million.

This marks the 48th consecutive month of positive earnings.

During the third quarter of 2015, Texans repaid the remaining $40 million of Section 208 assistance, including interest, to the National Credit Union Share Insurance Fund three years ahead of schedule. Section 208 of the Federal Credit Union Act authorizes NCUA to provide assistance to a credit union to protect the Share Insurance Fund or the interests of a credit union’s members.

Texans was significantly undercapitalized with a net worth ratio at year’s end of 3.48 percent.

The National Credit Union Administration (NCUA) placed Texans into conservatorship in April 2011 to address service and operational weaknesses.

Read the press release.

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