NCP Community Development Closes, Shares Assumed by Chartway Federal Credit Union
Member Deposits Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (May 31, 2013) – The National Credit Union Administration (NCUA) today liquidated NCP Community Development Federal Credit Union (NCP) of Norfolk, Va. Chartway Federal Credit Union of Virginia Beach, Va., assumed NCP’s member shares.
The accounts of the new Chartway members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government. The new Chartway members will experience no interruption in services.
Chartway is a federal credit union with more than 188,000 members and assets of $1.9 billion.
NCUA placed NCP into conservatorship on Feb. 8, 2013, to protect the credit union’s financial stability and operations. NCUA made the subsequent decision to liquidate NCP and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations. NCP served 709 members and had assets of $1.6 million, according to the credit union’s most recent Call Report.
Chartered in 1999, NCP served certain underserved communities in Norfolk, Chesapeake and Portsmouth, Va.
NCP is the eighth federally insured credit union liquidation in 2013.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.