The NCUA announced Wednesday that a Virginia credit union hasbeen voluntarily liquidated.

New Bethel Federal Credit Union of Portsmouth, Va. was firstplaced into conservatorship on April 30. The $102,000 creditunion served 172 members.

“The NCUA placed New Bethel into conservatorship to enable thecredit union to continue regular operations with experiencedmanagement in place and correct previous service and operationalweaknesses,” the agency said at that time. “While continuing normalmember services, the NCUA will work to resolve issues affecting theinstitution's safety and soundness.”

New Bethel FCU had an equity ratio of 85.53% at the end of Marchthis year, and an ROA of negative 0.26%. This is a markedimprovement, however, over an ROA of negative 6.12% at the end ofMarch 2014.

The NCUA issued New Bethel FCU a cease and desist order inDecember of last year. Under the NCUA's order, New Bethel officials had to meet severalrequirements including charging off all non-performing loans, notgranting any new loans, and providing theNCUA with complete financial statements and up-to-date membershare and loan transactions.

The credit union's call report from March appeared to indicatethat it had met those goals.

The NCUA said in a media release Wednesday that the decision tovoluntarily liquidate New Bethel FCU and discontinue its operationswas made after determining the credit union was unable to restoreviable operations.

In the release, the NCUA said its Asset Management and Assistance Center willcontact individuals holding verified share accounts with the creditunion within one week.

New Bethel FCU was chartered in 1978 and served members andemployees of New Bethel Baptist Church in Portsmouth. It is thesixthcredit union to be liquated this year.