Emergency Podcast: NCUA Conserves and Removes the Board of Aldersgate Federal Credit Union - Why its a Bold Move

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The National Credit Union Administration today placed Aldersgate Federal Credit Union in Marion, Illinois, into conservatorship. Member services will continue while the NCUA works to resolve issues affecting the credit union’s operations.

Member deposits at Aldersgate Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund protects individual accounts at federally insured credit unions up to $250,000. Member’s interest in all joint accounts combined is also insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

Members may conduct financial transactions via phone by calling the NCUA Asset Management and Assistance Center at 512.231.7940 Monday through Thursday between 10:00AM-4:00PM Central. Those calls will be routed to the appropriate specialists. Members can continue to conduct financial transactions, such as depositing funds, making loan payments, and requesting share withdrawals during the conservatorship.

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
(Opens new window) section of NCUA’s MyCreditUnion.gov
(Opens new window)consumer website.

Aldersgate Federal Credit Union is a federally insured credit union with 811 members and reported assets of $10.6 million, according to the credit union’s most recent Call Report. Aldersgate Federal Credit Union serves the ministerial and probationary members, 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