Member Services Continue, Deposits Remain Protected by Share Insurance Fund
ALEXANDRIA, Va. (Oct. 2, 2017) – The National Credit Union Administration today liquidated Shreveport Federal Credit Union of Shreveport, Louisiana.
Red River Employees Federal Credit Union of Texarkana, Texas, immediately assumed Shreveport Federal Credit Union’s membership and most shares, loans, and other assets. Red River Employees Federal Credit Union serves 84,093 members and has assets of $807,144,475, according to the credit union’s most recent Call Report.
The new Red River Employees 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 Red River Employees Federal Credit Union at 318.798.4061 between 8 a.m. and 5 p.m. Central Monday through Friday. Members also may find insurance coverage information on the Share Insurance Coverage page of the NCUA’s consumer website, MyCreditUnion.gov.
NCUA made the decision to liquidate Shreveport Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations. At the time of liquidation and subsequent purchase by Red River Employees Federal Credit Union, Shreveport Federal Credit Union served 22,212 members and had assets of approximately $86 million, according to the credit union’s most recent Call Report. Chartered in 1956, Shreveport Federal Credit Union served Shreveport city and transit employees, members acquired through mergers with several smaller credit unions in Mississippi and Louisiana, and a number of other common bond entities.
Shreveport Federal Credit Union is the third federally insured credit union liquidation in 2017.