NCUA: Richmond City Employees Federal Credit Union Conserved

Targeted News Service (Press Releases)

ALEXANDRIA, Virginia, Dec. 13 -- The National Credit Union Administration issued the following news release on Dec. 12, 2022:

The National Credit Union Administration today placed Richmond City Employees Federal Credit Union in Richmond, Indiana, into conservatorship.

Member deposits at Richmond City Employees Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Richmond City Employees Federal Credit Union up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

The NCUA placed Richmond City Employees Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union's operations.

Member services will continue uninterrupted at the credit union's main office at 50 N. 5th St., in Richmond, Indiana. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares. The office is open Monday through Friday from 8:30 a.m. to 4:30 p.m. Eastern.

Members with questions about Richmond City Employees Federal Credit Union's operations may contact the credit union at 765.983.7228. Members with questions about the conservatorship may review the Richmond City Employees Federal Credit Union frequently asked questions posted on the NCUA's website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (opens new window) section of the NCUA's MyCreditUnion.gov (opens new window) consumer website.

Richmond City Employees Federal Credit Union is a federally insured, federally chartered credit union with 836 members and assets of $8,039,424 according to the credit union's most recent Call Report. Richmond City Employees Federal Credit Union serves employees of the City of Richmond, Indiana, and various select employee groups in the greater Richmond area.