$106M Texas credit union conserved; regulator mum on its future

A Texas credit union with more than $106.2 million in assets and 12,500 members was conserved Friday by the federal regulator; the agency, in a release, gave no reason for the conservatorship, nor did it announce a merger partner for the credit union.

According to the National Credit Union Administration (NCUA), Edinburg Teachers Credit Union, of Edinburg, Texas, was taken over by the Texas Credit Union Department, which appointed NCUA as conservator. The credit union is a state-chartered institution, but savings are insured by the agency’s National Credit Union Share Insurance Fund (NCUSIF).

The credit union serves several education-based and other employee groups as well as their family members, according to NCUA.

NCUA said member services will continue uninterrupted at the credit union’s main office in Edinburg, and that members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares (savings).

“Through conservatorship, the NCUA will work in conjunction with the Texas Credit Union Department seeking to resolve operating issues at the credit union with the goal of protecting member assets and seeking a resolution to identified problems,” NCUA stated. “Neither the Texas Credit Union Department, nor the NCUA have made any decisions about the long-term future of the credit union; however, continued service to members is a priority.”

Edinburg Teachers Credit Union Conserved