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.
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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.
