ALEXANDRIA, Va. (9/21/15)--Bethex FCU of Bronx, N.Y. was placed into conservatorship last week by the National Credit Union Administration, the agency announced Friday. According to the NCUA, it placed the credit union into conservatorship to enable the credit union to continue regular operations with experienced management in place and correct previous operational weaknesses.
Normal member services at the credit union’s office at 20 East 179th Street in Bronx will continue uninterrupted. While continuing normal member services, the NCUA said it will work to resolve issues affecting Bethex’s FCU’s safety and soundness.
Member deposits at Bethex Federal Credit Union remain federally insured by the National Credit Union Share Insurance Fund. The NCUA has posted a frequently asked questions document regarding the conservatorship.
Bethex FCU was chartered in 1970 and serves multiple occupational and associational groups and communities, primarily located in Bronx. According to its most recent call report, Bethex has 5,584 members and $12,951,096 in assets.
Bethex was the first of two announcements about credit unions being placed into conservatorship Friday. The New York State Department of Financial Services Friday took possession of Montauk CU, New York, New York, and appointed the NCUA as conservator (see related story: N.Y. regulator takes possession of Montauk CU).