Press
New Bethel Federal Credit Union conserved
Member Deposits Insured up to $250,000; Member Services Uninterrupted
ALEXANDRIA, VA (April 30, 2015) — The National Credit Union Administration today placed New Bethel Federal Credit Union of Portsmouth, Virginia, into conservatorship.
Deposits at New Bethel Federal Credit Union remain protected. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
NCUA placed New Bethel into conservatorship 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.
New Bethel members can continue to conduct normal financial transactions, deposit and access funds, and use shares through ABNB Federal Credit Union, of Chesapeake, Virginia. ABNB will operate New Bethel during the conservatorship under a management agreement with NCUA. Members can contact ABNB by telephone at 757-523-5300 or in person at ABNB’s office at 309 County Street, Portsmouth. ABNB Federal Credit Union is open Monday through Thursday from 9 a.m. to 5 p.m., Friday from 9 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m.
New Bethel serves 176 members and has assets of $105,562, according to the credit union’s most recent Call Report. Chartered in 1978, New Bethel Federal Credit Union serves the members and employees of New Bethel Baptist Church in Portsmouth.
Members who have questions about the conservatorship may review the New Bethel Federal Credit Union Frequently Asked Questions document attached to this release and found online at http://www.ncua.gov/News/Documents/NewBethelFAQs.pdf.
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 United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 99 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.