RiverLand Federal Credit Union is headquartered in New Orleans and is the 14th largest credit union in the state of Louisiana. It is also the 899th largest credit union in the nation. It was established in 1978 and as of June of 2020, it had grown to 58 employees and 15,430 members at 9 locations. RiverLand Federal Credit Union has an A health rating.
Field of Membership Restrictions
Membership in RiverLand Federal Credit Union is open to anyone in Louisiana through membership in the New Orleans Arts Council. Membership is also open to employees of Entergy Corporation, Cox Communications, Teche Regional Medical Center, Baptist Community Ministries, and other select employers.
See current membership details
Application Denied After Costly Membership Requirement
I applied for membership in the RiverLand Credit Union because it has the highest money market rates for IRAs and HSAs. It is possible to become a member by contributing to the Arts Council of New Orleans. I made a $10 contribution to the Arts Council and submitted my application to RiverLand. I received a response from RiverLand that they would have to have proof of my membership in the Arts Council. That turned out to cost $60. I became a member because the additional interest income would have exceeded that amount. Within days, I received a denial from RiverLand. Couldn't they have let me know in the first letter that they were not intending to approve my application rather than putting me through this costly charade?
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24860 |
| Year Chartered | 1978 |
| Employees | 58 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.54% |
| Return on Equity - YTD | 5.99% |
| Annual Interest Income | $5.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $295.0MM$270.3MM |
| Loans | Q2 2020vs Q2 2019 | $235.3MM$224.4MM |
| Deposits | Q2 2020vs Q2 2019 | $237.8MM$216.2MM |
| Equity Capital | Q2 2020vs Q2 2019 | $25.7MM$24.2MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $625.00K$596.00K |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $260.00K$216.00K |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |