Draft:Texans Credit Union

• Comment: Sections such as Draft:Texans Credit Union#Membership and Draft:Texans Credit Union#Technology and Innovation read as vaguely promotional and unnecessary to be included in an article. Zippybonzo | talk | contribs (they/them) 17:05, 27 September 2024 (UTC)

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Texans Credit Union (or Texans) is a not-for-profit financial institution in North Texas, regulated under the authority of the National Credit Union Administration (NCUA). Texans has served its members since 1953 and is headquartered in Richardson, Texas.: As of June 2024, Texans has 124,034 members and US $2,277,008 in assets.

History

Texans Credit Union, originally 'Texins Credit Union', was founded in 1953 by a group of Texas Instruments employees as a means to provide affordable financial services to their colleagues. A charter was granted by the State of Texas, and Texins Credit Union was established. Three months later, membership had grown to over 276, and assets totaled $6,855.73. In 1998, the credit union expanded its membership eligibility and diversified its offerings to include savings accounts, loans, mortgages and various financial planning services.

For 40 years 'Texins' served only Texas Instruments employees. In 1991, 'Texins' expanded its membership criteria to include employees at select businesses outside of Texas Instruments and added Ericsson as a new Select Employee Group (SEG). In 1997, Raytheon and Nokia were added as SEGs to Texins and the field of membership was opened to Richardson Telecom Corridor^[4]. In 1998, 'Texins' expanded again to allow memberships to citizens in neighboring communities. That same year, 'Texins' has the organization's first rebranding initiative and change sits name to 'Texans Credit Union' to better reflect its new membership criteria. In 1999, Texans and Garland Credit Union merged to create a larger entity for the City of Garland. In 2006, Dallas County Employees Credit Union and Texans merged. Texans underwent a rebranding initiative and developed a new logo and brand identity in 2024.

Conservatorship

In April 2011, The National Credit Union Administration (NCUA) placed Texans Credit Union into conservatorship to correct previous service and operational weaknesses, including issues affecting the credit union's safety and soundness. At the time of conservatorship, Texans had 133,000 members, $1.6 billion in assets and reported $225 million in losses from 2008 through 2011 due to bad member business loans, expenses and provisions for loan losses during 2011. The credit union reported $5.9 million net for the first quarter of 2011. Texans was the third federally insured credit union placed into conservatorship during 2011.

The NCUA provided Texans a $60 million emergency loan. Texans posted year-end 2015 net income of $26.63 million, which marked 48 consecutive months of positive earnings and the strongest year-over-year financial performance in Texans' 62-year history. That same year, Texans repaid the remaining $40 million of the emergency NCUA loan, which included interest. This payment was three years ahead of schedule.

In June 2016, Texans became the first credit union to emerge from NCUA conservatorship after efforts to mitigate exposure and risk from troubled assets, improve lending controls, revitalize operations and improve operating efficiencies. The net worth of the credit union grew by more than $100 million since the end of 2011.

Membership

Texans Credit Union offers memberships to individuals and families across Texas. Once membership is established, a member is a member for life, regardless of where the member lives, works or goes to school. Membership in Texans Credit Union is available to

• Community – Individuals who live, work or attend schools in the Texas counties Collin, Cooke, Dallas, Denton, Ellis, Fannin, Fort Bend, Grayson, Harris, Hunt, Kaufman, Rockwall, Tarrant, Travis and Williamson are eligible for membership.
• Employees – Any employee who works for a Texans Preferred Business.
• Family – Immediate family of a Texans Credit Union member.
• Membership – Members of Texas Consumer Council (TCC) who reside in Texas.

Technology and Innovation

Texans Credit Union continually invests in digital platforms and services to enhance member experience. Texans invests roughly 27% of annual operating expenses into information technology initiatives including salary, benefits, digital banking and cyber security. In 2022, Texans introduced new communication channels for members, including secure live chat, video chat and co-browsing.

Community Involvement

Texans Credit Union commits time and donations to community initiatives and sponsorships. The organization participates in educational seminars and contributes to local charitable organizations, including North Texas Food Bank, HopeKids and Dress for Success.

Headquarters and Locations

Texans Credit Union is headquartered in Richardson, Texas.. It operates multiple branch locations across the Dallas-Fort Worth metroplex

Employees

As of 2023, Texans Credit Union had 252 employees across its multiple Texas-based branches. Texans was ranked the #1 Financial Institution by The Dallas Morning News in their 2023 Top Workplaces midsize company ranking. In 2023, Texans' Chief Financial Officer, Benjamin Hart, was awarded as one of the top financial executives in North Texas by the Dallas Business Journal.

In February 2020, David Frazier joined Texans as President and Chief Executive Officer.