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NCUA liquidates Alabama-based Riverdale CU

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NCUA liquidates Alabama-based Riverdale CU

The National Credit Union Administration on Dec. 4 liquidated Riverdale CU after determining that the Selma, Ala.-based credit union was insolvent and had no prospect for restoring viable operations.

Metairie, La.-based Jefferson Financial FCU immediately assumed Riverdale CU's membership, shares, loans, and most other assets.

Riverdale CU — the fifth federally insured credit union liquidation in 2017 — had earlier been placed into conservatorship on June 22 due to unsafe and unsound practices at the credit union, according to the NCUA.

The NCUA said that at the time of liquidation and subsequent purchase by Jefferson Financial FCU, Riverdale CU served 11,572 members and had $54.9 million in assets.