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The NCUA said Monday it liquidated the $54.9 million Riverdale Credit Union in Selma, Ala., which posted a net income loss of $14.4 million at the end of the third quarter of 2017.

Riverdale was placed into conservatorship in June 2017 because of unsafe and unsound practices that were not specified by the federal agency. The NCUA’s decision to liquidate Riverdale came after determining it was insolvent and had no prospect for restoring viable operations. The NCUA said the $563 million Jefferson Financial Federal in Metairie, La., immediately assumed Riverdale’s membership, shares, loans and most other assets. Chartered in 1967, Riverdale served 11,577 members.

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Peter Strozniak


Credit Union Times

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