SHREVEPORT, LA (KSLA) - A half year after a federal government agency changed the locks and took control of Shreveport Federal Credit Union, the financial institution's name and upper management are gone.
In April, the National Credit Union Administration placed the credit union into conservatorship to enable it to "continue regular operations with experienced management in place and to work to correct operational weaknesses," an NCUA statement said.
Operational weaknesses were cited as reasons for the takeover.
Now, at least by name, Shreveport Federal no longer exists.
It again was taken over Monday morning, this time by Red River Federal Credit Union.
"They had some financial problems, so we took them over. And we look forward to giving the same service to their members that they have always gotten but even a little bit better," said John Stephens, senior vice president of the Texarkana, Texas-based credit union.
Red River Federal now has locations in Arkansas, Louisiana, Oklahoma and Texas.
"This will put us right at $900 million in assets and a little over 108,000 members in the four-states area," Stephens said of the Shreveport Federal takeover.
While under conservatorship, he said, the Shreveport-based financial institution's upper management was removed.
Now there are about 60 employees at the former Shreveport Federal's eight locations.
"And we will be evaluating all the different branches and all the employees," Stephens said. "And the plan right now is just to keep the employees as they are."