The NCUA announced Friday that it has conserved the $12.9 million, 5,600-member Bethex Federal Credit Union.
In a prepared statement, the NCUA announced it had taken over the Bronx, N.Y.-based cooperative "to enable the credit union to continue regular operations with experienced management in place and correct previous operational weaknesses."
Chartered in 1970 by its president/CEO, Joy Cousminer, Bethex FCU had been a leading community development credit union for years as an active member and leader of the National Federation of Community Development Credit Unions.
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