SELMA, Ala.—The Alabama Credit Union Administration Thursday placed $76-million Riverdale CU here into conservatorship and appointed NCUA as agent for the conservator.
NCUA subsequently conserved the credit union, NCUA reported.
NCUA stated that 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,” NCUA said.
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.