ALEXANDRIA, Va. — It was a busy Thursday for NCUA, as it placed New Bethel Federal Credit Union, Portsmouth, Va., into conservatorship, and liquidated TLC Federal Credit Union of Tillamook, Ore.
The regulator said it conserved New Bethel FCU to enable the credit union to continue regular operations with experienced management in place and "correct previous service and operational weaknesses."
"While continuing normal member services, NCUA will work to resolve issues affecting the institution's safety and soundness," the agency said in a statement.
The credit union's most recent call report said it has just 176 members and assets of $105,562.
According to NCUA, New Bethel FCU members can continue to conduct normal financial transactions, deposit and access funds, and use shares through ABNB Federal Credit Union, of Chesapeake, Va. ABNB will operate New Bethel during the conservatorship under a management agreement with NCUA.
Chartered in 1978, New Bethel FCU serves the members and employees of New Bethel Baptist Church in Portsmouth.
TLC FCU Liquidation
NCUA said it made the decision to liquidate TLC Federal Credit Union and discontinue its operations after determining the credit union, "was insolvent with no prospect for restoring viable operations on its own."
TLC Federal Credit Union is the third federally insured credit union liquidation in 2015.
Fibre Federal Credit Union, Longview, Wash., immediately assumed TLC Federal Credit Union's members, shares, loans and certain other assets and liabilities. Fibre is a federally chartered credit union with assets of $803 million and 71,793 members, according to the credit union's most recent call report.
NCUA said its Asset Management and Assistance Center will take charge of certain assets of TLC FCU.
At the time of liquidation and subsequent purchase by Fibre Federal Credit Union, TLC served 13,375 members and had assets of approximately $109 million, according to the credit union's most recent call report.
Chartered in 1957 as Clatsop Tillamook Teachers Federal Credit Union, the credit union changed its name to TLC Federal Credit Union in 1988. In 2003 it converted to a community charter to serve the residents of Clatsop, Lincoln and Tillamook counties in Oregon.