Control of Edinburg Teachers CU returned to members

Great news for the credit union movement! Edinburg Teachers Credit Union in Edinburg, Texas, is once again under the control of its members after release from 22 months of conservatorship, the National Credit Union Administration and the Texas Credit Union Department announced Monday.

Texas Credit Union Department took possession of the credit union in March 2021 and appointed the NCUA as a conservator to ensure the credit union’s financial stability and safe-and-sound operation. Member services continued uninterrupted through the conservatorship.

Edinburg Teachers Credit Union is a federally insured, state-chartered credit union with more than 7,000 members and assets of more than $96.4 million. Edinburg Teachers Credit Union serves employees of many of the school districts in Texas’s Rio Grande Valley, the University of Texas Rio Grande Valley, several select employer groups, and persons located within 10 miles of the credit union’s offices.

The new president/CEO of Edinburg Teachers CU is Mary L. Carpenter.

NCUA Chairman Todd M. Harper is optimistic about the credit union’s future. In his prepared statement, Harper said:

“Edinburg Teachers’ leadership and staff diligently worked to revitalize operations, update, and reopen the credit union facility so members can conduct business in person, modernize the website, enhance lending services, and maintain a robust capital position. Their efforts, along with the hard work of NCUA employees and the Texas Credit Union Department, have led to a credit union that is now on a sound footing and will continue to provide essential financial services to its members. The newly seated board of directors are professionals from the community and eager to serve the membership. In short, Edinburg Teachers Credit Union is now set up for long-term success.”