ALEXANDRIA, Va.—NCUA Friday conserved the $13-million Bethex FCU, located in Bronx, N.Y.
NCUA said it placed Bethex into conservatorship to enable the credit union to “continue regular operations with experienced management in place and correct previous operational weaknesses.”
While the CU will continue normal member services, NCUA said it will work to resolve issues affecting the credit union’s safety and soundness.
Since 2013, the CU’s net income losses have mounted, losing $481,950 in 2013, $867,108 in 2014, and $787,603 through the first half of this year. Capital fell sharply in 2015, dropping from 11.37% at the close of 2014 to 5.75% through June.
Chartered in 1970, Bethex Federal Credit Union serves multiple occupational and associational groups and communities primarily located in Bronx. Bethex has 5,584 members.