Federal agency takes control of Shreveport Federal Credit Union
SHREVEPORT, LA (KSLA) - Citing operational weaknesses, a federal government agency has assumed control of Shreveport Federal Credit Union.
The National Credit Union Administration placed the credit union into conservatorship Thursday to enable it to "continue regular operations with experienced management in place and to work to correct operational weaknesses," an NCUA statement says.
"While continuing normal member services, NCUA will work to resolve issues affecting the credit union's safety and soundness."
The agency has no set time frame for completing the resolution process. And no decisions have been made about Shreveport Federal's long-term future.
"The credit union is in conservatorship, not liquidation," NCUA spokesman John Fairbanks said. "So it will remain open and operating other than the planned closure for Good Friday."
The NCUA is a federal government agency that operates and manages the fund that insures accounts at all federal credit unions, including Shreveport Federal.
Shreveport Federal's most recent call report indicates it has $106,738,494 in assets.
The deposits of Shreveport Federal's 22,235 members remain federally insured by the National Credit Union Share Insurance Fund.
The fund insures individual accounts up to $250,000; and a member's interest in all joint accounts combined is insured up to $250,000.
The fund separately protects IRA and KEOGH retirement accounts up to $250,000.
Member services will continue uninterrupted at all Shreveport Federal offices, the NCUA says.
The credit union offices will be closed Friday for the Good Friday holiday.
Otherwise, the credit union can be called at (318) 798-4061 weekdays between 8:30 a.m. and 5 p.m. and Saturdays between 10 a.m. and 1 p.m.
Shreveport Federal's corporate offices are at 8530 Fern Ave. in Shreveport.
Also in Shreveport are its main branch at 1010 Jacobs St. and a branch at 2230 Jewella Ave. in Shreveport.
And the credit union has branches in Bastrop and Grambling, La., and Batesville, Clarksdale and Marks in Mississippi.
Copyright 2017 KSLA. All rights reserved.