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The $10.5 million Aldersgate Federal Credit Union in Marion, Ill., was placed into conservatorship to “resolve issues” affecting its operations, the NCUA said Wednesday.
Although the credit union has not recorded any bottom-line financial losses, from December 2020 to the first quarter of 2025, what may have concerned NCUA examiners was that the credit union also reported zero delinquencies and zero charge-offs within that same time period, according to NCUA financial performance reports. The peer average ratio for delinquencies and charge-offs was 1.24 in 2024 and 1.51 in the first quarter of 2025.
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However, Aldersgate’s December 2024 Call Report showed $258,611 in 30-59 day delinquencies from line-of-credit and auto loans, though it did not disclose the number of loans. The report did not indicate any other delinquencies or charge-offs. The first quarter 2025 Call Report showed $119,853 in 30-59 day delinquencies from the same loan types, again without listing the number of loans, and reported no other delinquencies or charge-offs.
Additionally, from December 2020 to the first quarter of 2025, Aldersgate reported zero provision for loan losses. During that same period, it reported an $85,250 allowance for loan losses, NCUA data showed.
In the first, second and third quarter of 2024, Aldersgate posted zero in non-interest income. In the fourth quarter, however, the credit union recorded $44,262 in non-interest income.
Mary Sullins has served as Aldersgate’s CEO since at least June 2012, according to the credit union’s profile reports filed with the NCUA.
Richard Sullins has served as the credit union’s board treasurer since June 2012, the reports showed.
Aldersgate did not respond to CU Times'request for comment.
Chartered in 1962, the credit union’s faith-based field of membership serves 811 members of the ministerial clergy, full time employees, local pastors, clergy persons and diaconal ministers under appointment of the bishop of the Illinois Great Rivers Conference of the United Methodist Church.
Members with questions about the conservatorship may review the Aldersgate Federal Credit Union’s frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of the NCUA’s MyCreditUnion.gov consumer website.
READ MORE: Aldersgate’s Financial Performance Reports from December 2020 to December 2024 and March 2025. Aldersgate’s Key Ratio Reports from December 2020 to December 2024 and March 2025.
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
