First Kingdom Community Closes; Shares Assumed by Riverdale Credit Union
Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (May 31, 2013) – The National Credit Union Administration (NCUA) today announced the liquidation of the First Kingdom Community Credit Union of Selma, Ala.
Riverdale Credit Union of Selma immediately assumed First Kingdom Community Federal Credit Union’s members’ shares. The new Riverdale Credit Union members will experience no interruption in services. Riverdale Credit Union is a federally insured, state-chartered credit union with assets of $59.7 million serving 8,360 members.
The accounts of the new Riverdale Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.
NCUA placed First Kingdom Community Federal Credit Union into conservatorship on May 16, 2013. NCUA made the decision to liquidate First Kingdom and discontinue its operations after determining this was the best course of action for continued member service. First Kingdom served 76 members and had deposits of $88,359, according to the credit union’s most recent Call Report.
Chartered in 2007, First Kingdom Community Federal Credit Union was a community charter credit union serving persons who live, work, worship, or attend school in, Dallas County, Ala.; businesses and other legal entities located in the county; spouses of persons who died while within First Kingdom’s field of membership; employees of the credit union; volunteers in the community; members’ immediate family or household; and organizations of such persons.
First Kingdom Community Federal Credit Union is the ninth federally insured credit union liquidation in 2013.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.