A credit union in Texas that spent nearly two years in conservatorship has been returned to the control of its members, the federal credit union regulator said Friday.
The National Credit Union Administration (NCUA) on March 26, 2021, announced that Edinburg Teachers Credit Union, of Edinburg, Texas, had been taken over by the Texas Credit Union Department, which appointed the NCUA as conservator. Announcing the action, the NCUA then noted that member services would continue uninterrupted at the state-chartered, federally insured institution.
In a statement Friday, NCUA Chairman Todd Harper said the credit union’s leadership and staff “diligently worked to revitalize operations, update and reopen the credit union facility so members can conduct business in person, modernize the website, enhance lending services, and maintain a robust capital position. He added, “Their efforts, along with the hard work of NCUA employees and the Texas Credit Union Department, have led to a credit union that is now on a sound footing and will continue to provide essential financial services to its members.”
Harper also pointed to a “newly seated” board of directors for the credit union, made up of professionals from the community “and eager to serve the membership.”
At the time it was conserved, the credit union had most recently reported having more than $106 million in assets and 12,572 members.
In Friday’s release, the NCUA said the institution has more than 7,000 members and assets of more than $96 million. It serves employees of many of the school districts in the Rio Grande Valley, Texas, the University of Texas Rio Grande Valley, several select employer groups, and persons located within 10 miles of the credit union’s offices, according to the agency.
Control of Edinburg Teachers Credit Union Returned to Members