NCUA Conservatorship Over, First Delta is Merged
In a joint announcement, the $80 million Shreveport Federal Credit Union and the National Federation of Community Development Credit Unions said the credit union is apparently close to winning NCUA approval to merge the $5 million First Delta FCU of Marks, Miss.
First Delta, which ran into loan losses and an overextended branch system, has been in conservatorship since Oct. 23, 2009.
"The conservatorship board and management have worked for several months to restore First Delta FCU to financial stability and now feel confident the members can be assured of on-going services by this action," said Clifford Rosenthal, president/CEO of NFCDCU, which over the years has assisted the Marks CU. First Delta management, said Rosenthal, had "worked diligently through the years to bring homeownership initiatives, small business services, and other lifeline financial services to the Delta Region of Northern Mississippi."
Helen Godfrey-Smith, president/CEO of Shreveport FCU, said since the conservatorship began she was called in by NCUA to manage the Mississippi CU and so now feels the merger "represents a good fit with us giving us three more offices."
Two of First Delta's former offices have been closed.
"While we regret the loss of the First Delta FCU's independent status, we are truly delighted that services will be preserved and even expanded by Shreveport FCU, one of our outstanding CDCUs in the South," Rosenthal concluded.