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Friendship Community Federal Credit Union Closes

Members Now Served by Shreveport Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (February 25, 2010) – The National Credit Union Administration (NCUA) today liquidated Friendship Community Federal Credit Union of Clarksdale, Mississippi, and accepted Shreveport Federal Credit Union’s offer to purchase and assume the credit union.

Shreveport Federal Credit Union purchased and assumed Friendship Community Federal Credit Union’s assets, loans and shares, enabling Friendship Community members to continue to receive uninterrupted credit union service. Friendship Community Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Shreveport Federal Credit Union. At closure, Friendship Community Federal Credit Union had $861,696 in assets and served 685 members.

Shreveport Federal Credit Union is a full service credit union and its new members will have access to a broad array of financial services offered throughout the United States. With assets of $76 million, Shreveport Federal Credit Union serves approximately 14,500 members located throughout the country. The credit union has four branch locations in Louisiana, will maintain an office in Clarksdale, Mississippi, and also serves its members through nearly 4,000 shared service locations nationwide.

Member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government. This is the 2nd federally insured credit union liquidation in 2010.


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"