ALEXANDRIA, Va. (8/6/15)--The National Credit Union Administration announced the voluntary liquidation of New Bethel FCU Wednesday.

The Portsmouth, Va., credit union was placed into conservatorship April 30. In its late Wednesday announcement, the NCUA said the decision to voluntarily liquidate New Bethel and discontinue its operations was made after determining the credit union was unable to restore viable operations.

New Bethel served 172 members and had assets of $101,630, according to the credit union’s most recent 5300 Call Report. Chartered in 1978, New Bethel FCU served members and employees of New Bethel Baptist Church in Portsmouth, Va.

NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week. Members with additional questions about their share accounts may contact the center toll free by calling 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. (ET). Individuals may also visit the MyCreditUnion.gov website for more information about insurance coverage.

Member deposits are federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA. Individual share accounts are insured 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 individual retirement and Keogh accounts up to $250,000.