Member Deposits Remain Protected by the Share Insurance Fund
ALEXANDRIA, Va. (Dec. 4, 2017) – The National Credit Union Administration today liquidated Riverdale Credit Union of Selma, Alabama.
Jefferson Financial Federal Credit Union of Metairie, Louisiana, immediately assumed Riverdale Credit Union’s membership, shares, loans, and most other assets. Jefferson Financial Federal Credit Union is a federal credit union with 43,849 members and assets of $563,003,450, according to the credit union’s most recent Call Report.
The new Jefferson Financial Federal Credit Union members should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members with questions about their accounts may contact Jefferson Financial Federal Credit Union at 504.348.2424 or 800.259.2471 between 8 a.m. and 5 p.m. Central, Monday through Friday. Members also may find insurance coverage information on the Share Insurance Coverage (opens new window) page of the NCUA’s consumer website, MyCreditUnion.gov (opens new window).
Riverdale was placed into conservatorship on June 22, 2017, as a result of unsafe and unsound practices at the credit union. NCUA made the decision to liquidate Riverdale and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations. At the time of liquidation and subsequent purchase by Jefferson Financial, Riverdale served 11,572 members and had assets of $54,924,278, according to the credit union’s most recent Call Report. Chartered in 1967, Riverdale Credit Union served persons who live, work, worship, or attend school in Autauga, Chilton, Dallas, Lowndes, Perry, or Wilcox counties in Alabama as well as various employee groups.
Riverdale is the fifth federally insured credit union liquidation in 2017.