Friday, September 18, 2015

Bethex FCU Placed into Conservatorship

National Credit Union Administration (NCUA) placed Bethex Federal Credit Union in Bronx, New York, into conservatorship.

NCUA placed Bethex into conservatorship to enable the credit union to continue regular operations with experienced management in place and correct previous operational weaknesses.

Bethex was undercapitalized with a net worth ratio of 5.75 percent. As of June 2015, over 15 percent of the credit union's loans were 60 days or more past due. The credit union reported a loss of almost $788 thousand through the first two quarters of 2015.

Chartered in 1970, Bethex Federal Credit Union serves multiple occupational and associational groups and communities primarily located in Bronx. Bethex Federal Credit Union has 5,584 members and $12,951,096 in assets, according to the credit union’s most recent Call Report.

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