The NCUA liquidated Bethex Federal Credit Union of Bronx, N.Y., the agency announced Friday.
USAlliance Federal Credit Union of Rye, N.Y. assumed Bethex Federal Credit Union's assets and member shares, and the majority of its loans. USAlliance is a federally chartered credit union with 83,102 members and $1.7 billion in assets, according to its latest Call Report, and is designated as a low-income credit union.
The NCUA said it decided to liquidate Bethex and discontinue its operations after determining the credit union was insolvent and had no prospect of restoring viable operations on its own. Bethex was placed into conservatorship on Sept. 18, 2015 and is the 10th federally insured credit union to be liquidated this year.
The NCUA said Bethex members should experience no interruption in services and that their accounts will remain open. 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. ET Monday through Friday, or between 9 a.m. and 1 p.m. ET on Saturday.
At the time of the liquidation and subsequent purchase by USAlliance, Bethex had assets of $12.2 million and served 5,824 members, according to its most recent Call Report. Bethex served various groups in New York City and was chartered in 1970.
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