Member Deposits Insured up to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (June 22, 2017) – The Alabama Credit Union Administration today placed Riverdale Credit Union, in Selma, into conservatorship and appointed the National Credit Union Administration as agent for the conservator.
NCUA subsequently conserved the credit union.
Member deposits at Riverdale remain protected by the National Credit Union Share Insurance Fund. Administered by 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 who have questions about the conservatorship may review the Riverdale Credit Union’s Frequently Asked Questions posted on NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information on the Share Insurance Coverage page (opens new window) of NCUA’s MyCreditUnion.gov (opens new window) consumer website.
Member services will continue uninterrupted at Riverdale’s offices, which will keep their current office hours. Members with questions may contact the credit union at 334.872.9096 from 9 a.m. to 4:30 p.m., Monday through Friday.
The Alabama Credit Union Administration and NCUA placed Riverdale into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the agencies will work to resolve issues affecting the credit union’s safety and soundness.
Chartered in 1967, Riverdale Credit Union serves 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 has 12,433 members and $76,181,951 in assets, according to the credit union’s most recent Call Report.