OVERLAND PARK, Kan. – The lawsuit filed by NCUA against the former CEO of Texans Credit Union, David Addison, will have no bearing on a recent business deal the former CEO is involved with regarding the purchase of CNBS LLC, an Overland Park-based credit union investment CUSO, according to Brian Hague, the CUSO’s president and CEO.
Addison is being sued by NCUA for breach of fiduciary duty while at Texans, which has been placed in conservatorship. Addison is the founder of Dallas-based Aberdeen Capital Holdings, which recently purchased 51% share of CNBS. Addison is among several partners in Aberdeen. However, Hague told Credit Union Journal the lawsuit will have no impact on his organization and the services it provides. “It does not concern us. David is not a direct investor in CNBS and he is a minority investor in Aberdeen Capital. We are obviously interested in Addison’s case, but at this point it is just allegations.”
If NCUA were to win its suit against Addison, Hague said CNBS is not concerned about NCUA seizing any of Addison’s assets since he is not a direct investor in the CUSO. The remaining 49% ownership of CNBS is divided between 14 corporate and natural-person CUs and one direct investor, Hague said.