ALEXANDRIA, Va.—NCUA announced Wednesday that the tiny New Bethel FCU, based in Portsmouth, Va., was voluntarily liquidated.
The agency placed the $101,630 New Bethel into conservatorship on April 30. The decision to voluntarily liquidate the CU and discontinue its operations was made after determining the credit union was unable to restore viable operations.
According to Call Report data, the CU lost money each of the last four years--$25,134 in 2014, $3,795 in 2013, $10,908 in 2012, and $7,084 in 2011. Through June of 2015, New Bethel had dropped $3,900.
NBFCU served 172 members. Chartered in 1978, New Bethel served members and employees of local New Bethel Baptist Church.