The National Credit Union Administration (NCUA) has liquidated Aldersgate Federal Credit Union in Marion, Illinois. The decision was made after the credit union was found to be insolvent with no chance of restoring viable operations. According to the NCUA, Aldersgate violated several provisions of the Federal Credit Union Act and NCUA Rules and Regulations by operating unsafely.
Member deposits remain protected up to $250,000 by the National Credit Union Share Insurance Fund. The NCUA’s Asset Management and Assistance Center will contact individuals with verified share accounts for further correspondence. For inquiries about accounts, members can reach out to the Asset Management and Assistance Center at 1.877.715.0777 or 512.231.7940, or via email at amacmail@ncua.gov.
For additional questions regarding insurance coverage, members may contact the NCUA’s Consumer Assistance Center toll-free at 800-755-1030 during business hours from Monday to Friday or visit MyCreditUnion.gov for more information.
Aldersgate Federal Credit Union had served 811 members and reported assets totaling $10,577,346 as per its latest Call Report. Established in 1962, it catered primarily to ministerial and probationary members along with full-time employees associated with the Illinois Great Rivers Conference of the United Methodist Church.
The NCUA is an independent federal agency tasked with regulating, chartering, and supervising federal credit unions in the United States. It manages the National Credit Union Share Insurance Fund which insures deposits for over 135 million account holders across federal credit unions and most state-chartered credit unions.
For media inquiries related to this matter, contact OEACmail@ncua.gov or call 703.518.6330.