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."
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