Portsmouth Schools Federal Credit Union closes; BayPort Credit Union assumes loans, assets, and shares
Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, VA (January 3, 2022) — The National Credit Union Administration today liquidated Portsmouth Schools Federal Credit Union in Portsmouth, Virginia.
Newport News Shipbuilding Employees Credit Union, doing business as BayPort Credit Union, immediately assumed Portsmouth Schools Federal Credit Union’s assets, member shares, and loans. Bayport Credit Union is a federally insured credit union with 147,109 members and assets of $2.2 billion, according to the credit union’s most recent Call Report.
The new BayPort Credit Union members will experience no interruption in services, and accounts remain insured by the National Credit Union Share Insurance Fund. 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.
Members with questions about their accounts may contact Bayport Credit Union at 757.928.8850. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of the NCUA’s MyCreditUnion.gov(opens new window) consumer website.
At the time of liquidation, and subsequent purchase by BayPort Credit Union, Portsmouth Schools Federal Credit Union served 870 members and had assets of approximately $2.2 million, according to the credit union’s most recent Call Report. Chartered in 1942, Portsmouth Schools Federal Credit Union served teachers, employees, students, and family members of various schools within the Portsmouth, Virginia, public school system.
Liquidation Notice to Creditors of Portsmouth Schools Federal Credit Union
About National Credit Union Administration (NCUA)
The 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, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.