NCUA has taken control of a community development credit union that had been serving one of the lowest income communities in the nation for more than 28 years.
In its Oct. 23 announcement, the agency said its goal in taking over the management of the $5.4 million First Delta Federal Credit Union, headquartered in Marks, Miss., was to "continue credit union service to its members and ensure safe and sound credit union operations."
First Delta had a successful history serving the residents of a three-county area in the Mississippi Delta and had grown to more than $7 million in assets as of its 25th anniversary in 2006.
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