Member Deposits Remain Protected to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (April 3, 2023) – Richmond City Employees Federal Credit Union, of Richmond, Indiana, has merged into Kemba Credit Union, of West Chester, Ohio, effective April 1, 2023, the National Credit Union Administration announced.
The new Kemba Credit Union members should experience no interruption in services, and member deposits remain protected 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 may visit the Share Insurance section of NCUA’s MyCreditUnion.gov website at any time for more information about their insurance coverage.
New Kemba Credit Union members with questions about their accounts can call the credit union at 513.762.5070, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern. Members can visit Kemba Credit Union’s website for more information about the credit union and its services and branches.
Members may continue to transact business at the former Richmond City Employees Federal Credit Union location: 50 North 5th Street in Richmond, Indiana. Members may also continue to call the former Richmond City Employees Federal Credit Union location at 765.983.7228 between 8:30 a.m. to 4:30 p.m. Eastern to conduct transactions.
The NCUA placed Richmond City Employees Federal Credit Union into conservatorship on December 12, 2022, and appointed itself as conservator. The NCUA worked to address issues affecting the credit union’s safety and soundness and determined that merging Richmond City Employees Federal Credit Union into Kemba Credit Union was in the best interests of the members.
At the time of the merger, Richmond City Employees Federal Credit Union was a federally chartered credit union with 788 members and assets of $6.97 million, according to the credit union’s most recent Call Report. Chartered in 1961, Richmond City Employees Federal Credit Union served employees of the City of Richmond.
Prior to the merger, Kemba Credit Union served 125,555 members and had assets of $1.6 billion, according to the credit union’s most recent Call Report.