Friday, June 23, 2017

Riverdale Credit Union, Selma, Alabama Fails

Credit Union Failures 2017 continue with the National Credit Union Association and Alabama Credit Union Association seizing Riverdale Credit Union, Selma, Alabama, on Thursday, June 22, 2017. This is the sixth credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, and New York.

The NCUA stated, "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."

#6 Riverdale Credit Union, Selma, Alabama
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Riverdale Credit Union had approximately $76.2 million in total assets and 12,433 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 4 credit unions in conservatorship in 2017:

Placed In Conservatorship
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Seeking Alpha