Member Deposits Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (Aug. 5, 2015) – The National Credit Union Administration today announced the voluntary liquidation of New Bethel Federal Credit Union of Portsmouth, Virginia.
NCUA placed New Bethel Federal Credit Union into conservatorship on April 30, 2015. The decision to voluntarily liquidate New Bethel and discontinue its operations was made after determining the credit union was unable to restore viable operations.
Member deposits are federally 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 KEOUGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week. Members with additional questions about their share accounts may contact the Center toll free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. Eastern. Individuals may also visit the
MyCreditUnion.gov website for more information about insurance coverage.
New Bethel served 172 members and had assets of $101,630, according to the credit union’s most recent Call Report. Chartered in 1978, New Bethel Federal Credit Union served members and employees of New Bethel Baptist Church in Portsmouth, Virginia.
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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.