The Texas Credit Union Department on Friday took control of Edinburg Teachers Credit Union in Edinburg Texas, naming the National Credit Union Administration as conservator.
No details were offered regarding why the $106 million-asset credit union was placed in conservatorship. Edinburg Teachers earned slightly less than $693,000 last year, down from $775,000 in 2020, driven in part by a 12% reduction in lending. Charge-offs totaled about $175,000 at year-end, a 3.1% increase from 2019.
The credit union remains well-capitalized with a net worth ratio of nearly 23%.
ETCU remains open, with members’ deposits insured by the National Credit Union Share Insurance Fund for up to $250,000 per account.
This is the third credit union to be placed into conservatorship in 2021, following
Edinburg Teachers serves more than 12,500 members, primarily educators.
