NCUA announced that New Bethel Federal Credit Union of Portsmouth, Va., was voluntarily liquidated.

NCUA said it had placed New Bethel FCU into conservatorship on April 30. The decision to liquidate New Bethel and discontinue its operations was made after "determining the credit union was unable to restore viable operations."

In December of 2014, NCUA had has issued a cease and desist order to New Bethel FCU.

According to its most recent Call Report, New Bethel FCU served 172 members and had assets of $101,630. Chartered in 1978, New Bethel FCU served members and employees of New Bethel Baptist Church in Portsmouth, Va.

New Bethel FCU's member deposits are federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA.

NCUA added that its Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.