The NCUA on Monday liquidated the Shreveport Federal Credit Union in Louisiana.
The Red River Employees Federal Credit Union of Texarkana, Texas immediately assumed the credit union’s membership, and most shares, loans and other assets.
Red River serves 84,093 members and has assets of more than $804 million.
The NCUA made the decision after determining that the credit union was insolvent and had no chance of restoring viable operations, At the time of the liquidation and purchase, the Shreveport credit union served 22,122 members and had assets of about $86 million.
It was chartered in 1956 and served Shreveport city and transit employees, members acquired through mergers with smaller credit unions in Mississippi and Louisiana and several other common bond entities.
Shreveport Federal Credit Union is the third federally insured credit union liquidation this year.
