Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (Dec. 18, 2015) – The National Credit Union Administration today liquidated Bethex Federal Credit Union of Bronx, New York.
USAlliance Federal Credit Union of Rye, New York, immediately assumed Bethex Federal Credit Union’s assets, member shares and most loans. USAlliance is a federally chartered credit union with a low-income credit union designation that has 83,102 members and assets of $1.07 billion, according to the credit union’s most recent Call Report.
The new USAlliance members should experience no interruption in services, and the existing Bethex Federal Credit Union office will remain open. Members’ 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 USAlliance Federal Credit Union at 800-431-2754 between 7:30 a.m. and 7 p.m. Monday through Friday and 9 a.m. and 1 p.m. on Saturday.
NCUA placed Bethex Federal Credit Union into conservatorship on Sept. 18, 2015. NCUA made the decision to liquidate Bethex and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.
At the time of liquidation and subsequent purchase by USAlliance, Bethex served 5,824 members and had assets of $12.2 million, according to the credit union’s most recent Call Report. Chartered in 1970, Bethex Federal Credit Union served various groups in New York City.
Bethex Federal Credit Union is the tenth federally insured credit union liquidation in 2015.