The $653 million Red River Employees Federal Credit Union in Texarkana, Texas, has won approval for a community charter that gives it the right to serve 746,618 potential members in Texas and Arkansas, its consultant says.
The NCUA granted approval to the 67,700-member Red River to change from a multiple common bond credit union to a community charter through the Rural District qualifier, said Dollar Associates in Birmingham, Ala.
“Red River is a very progressive credit union with a strategic vision for growth and diversification that they felt would be well complemented with a community charter,” said Dennis Dollar, former NCUA chairman and principal partner.
“They have demonstrated that, even with some significant changes in recent years, the NCUA field
of membership rules can still work for many growth-oriented federal credit unions,” Dollars said last week in his firm’s announcement.