SELMA, Ala. – NCUA Monday liquidated $55-million Riverdale Credit Union here.
The $563-million Jefferson Financial FCU of Metairie, La., immediately assumed Riverdale’s membership, shares, loans, and most other assets. Jefferson FCU has 43,849 members.
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, NCUA stated.
At the time of liquidation and subsequent purchase by Jefferson Financial, Riverdale served 11,572 members, 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.