ALEXANDRIA, Va. (4/25/12)—The financial condition of Texans CU, which was taken under conservatorship by the National Credit Union Administration (NCUA) last April, has improved, with that credit union posting $5.87 million in income in the first quarter of 2012, the NCUA reported.
The credit union held $1.48 billion in total assets as of March 31, an increase from the $1.42 billion it held at the end of 2011. The credit union's net worth also improved by 35 basis points during the first quarter of 2012.
NCUA Region IV Director Keith Morton said the agency wants to "continue efforts to transition Texans to a financially strong credit union."
For the past year, we reduced expenses, streamlined operations, retooled infrastructure, and began the process of returning Texans to the core credit union business model," and the NCUA is "very encouraged by the credit union's positive financial results," Morton said. The credit union is planning to introduce new financial products and a new website and online banking and bill payment platform this year, the NCUA added.
The Richardson, Texas-based credit union serves residents of Collin, Dallas, Rockwall, Travis, and Williamson, as well as parts of Denton County.