NCUA headquarters. Credit/NCUA

After it opened for business in 2023, the $3.2 million People Trust Community Federal Credit Union in North Little Rock, Ark., was conserved on Friday, the NCUA said.  

The federal agency said the credit union, which serves 1,796 members, was conserved because of unsafe and unsound practices. 

At the end of the third quarter, People Trust Community Federal Credit Union (PTCFCU) reported a loss of $356,506. During the same period, 13% of its loans were delinquent, compared to peer averages of 1.70%. Delinquent loans plus net charge-offs to average loans stood at 30%, compared to a 2.30% peer average, according to NCUA financial performance reports. 

PTCFCU’s equity dropped from $411,266 in September 2024 to $67,153 in September 2025, the reports showed. 

The credit union also posted a loss of $47,573 in its first year of operation in 2023 and it lost $108,879 at the end of 2024. 

While working as a barber for about a decade, Washington saw a need in his community for financial services, according to a profile article published by the Port of Harlem, a general interest magazine that reports news and feature stories from a global Black perspective. 

In 2008, Washington founded a financial literacy organization, Providing Equal Opportunity Promoting Learning Excellence (PEOPLE), and in that same year, he opened the Washington Barber College, according to the magazine. PTCFCU offered deposit-related products and services the CDFI could provide. 

Member services will continue while the NCUA works to resolve issues affecting the credit union’s operations, the federal agency said. 

Peter Strozniak can be reached at peter.strozniak@arc-network.com. 

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