The $8 million-in-assets Richmond City Employees Federal Credit Union, Richmond, Ind., was placed in conservatorship Monday by the federal regulator of credit unions, the agency said in a release.
The National Credit Union Administration (NCUA), in its release, said it conserved the institution 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,” it said.
Richmond City Employees FCU was chartered in 1961 and had 836 members as of its last call report, according to the NCUA. It serves employees of the City of Richmond, Ind., and various select employee groups in the greater Richmond area, the agency said.