SHREVEPORT, La.—NCUA Monday liquidated $86-million Shreveport FCU. The agency said Red River Employees FCU of Texarkana, Texas, immediately assumed SFCU’s membership and most shares, loans, and other assets.
Red River Employees FCU serves 84,093 members and has assets of $807,144,475.
NCUA said it made the decision to liquidate Shreveport Federal Credit Union 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 Red River Employees Federal Credit Union, SFCU served 22,212 members.
Shreveport FCU had not lost money since 2010, However, Call Report data shows that the CU had lost 17.1 million through the first half of this year.
Chartered in 1956, Shreveport FCU 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 is the third federally insured credit union liquidation in 2017.