Shreveport FCU Closed, Members and Most Shares and Loans Assumed by Red River Employees FCU

The National Credit Union Administration on October 2 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.

On April 13, NCUA placed the credit union into conservatorship. 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. As I pointed out earlier, Shreveport Federal Credit Union was critically undercapitalized with a net worth ratio of negative 1.68 percent.

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.

Shreveport Federal Credit Union is the third federally insured credit union liquidation in 2017.

Read the press release.

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