RICHARDSON, Texas – Texans CU, the one-time $2 billion credit union run under NCUA conservatorship for the past year, reported an $11.7 million net for the first six months of 2012, as NCUA was able to slash its provision for loan losses by 93%, to just $1.3 million.

The first half net compares to a loss of $11.7 million for the first half of 2011, NCUA reported Friday.

The Texas giant, which ran aground on a troubled portfolio of bad member business loans around the country, reported a staggering $225 million in losses from 2008 through 2011 and is only operating because of a $60 million emergency NCUA loan through the National CU Share Insurance Fund.

At mid-year its assets had declined to $1.4 billion.

 

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.