The NCUA has conserved the $105,000, 127-member New Bethel Federal Credit Union headquartered in Portsmouth, Va.
"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," the agency said. "While continuing normal member services, the NCUA will work to resolve issues affecting the institution's safety and soundness."
According to the agency, New Bethel had an equity ratio of 85.53% at the end of March this year, and an ROA of negative 0.26%. This is a marked improvement, however, over an ROA of negative 6.12% at end of March 2014.
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The NCUA issued New Bethel FCU a cease and desist order in December of last year. Under the NCUA's order, New Bethel officials had to meet several requirements including charging off all non-performing loans, not granting any new loans, and providing the NCUA with complete financial statements and up-to-date member share and loan transactions.
The credit union's call report from March appeared to indicate that it had met these goals.
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