The National Credit Union Administration said Thursday that it has placed Shreveport Federal Credit Union of Shreveport, La., into conservatorship.
NCUA explained that it took this action to enable the credit union to “continue regular operations with experienced management in place and to work to correct operational weaknesses.” While continuing normal member services, NCUA added it will work to “resolve issues” affecting the credit union’s “safety and soundness.”
Chartered in 1956, Shreveport FCU serves members in Shreveport; in Coahoma, Quitman, Panola, and Bolivar Counties of Mississippi; and employees of Northwest Mississippi Regional Medical Center in Clarksdale. The credit union has more than 22,000 members and assets of more than $107 million.
According to Call Reports, Shreveport FCU posted net income of $662,710 in 2016, after recording a figure of $822,785 in the prior year.
Member services will continue uninterrupted at all Shreveport Federal Credit Union offices, which will keep their current office hours.
Member deposits at $107 million institution will remain federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA and which insures individual accounts up to $250,000.
