The National Credit Union Administration liquidated Aldersgate Federal Credit Union of Marion, Illinois and discontinued its operations after finding it insolvent, while reminding members that deposits are protected by the National Credit Union Share Insurance Fund up to USD 250,000. The liquidation followed a determination that the credit union had no prospect of restoring viable operations and had violated multiple provisions of the Federal Credit Union Act and NCUA Rules and Regulations, including by operating in an unsafe and unsound manner. Aldersgate Federal Credit Union reported 811 members and USD 10,577,346 in assets in its most recent Call Report, and was chartered in 1962 to serve certain members and employees associated with the Illinois Great Rivers Conference of the United Methodist Church. NCUA’s Asset Management and Assistance Center will contact holders of verified share accounts with instructions and will handle account-related inquiries, while members can also seek guidance on insurance coverage through NCUA’s Consumer Assistance Center and the Share Insurance Estimator at MyCreditUnion.gov. The agency also published a liquidation notice to creditors.
National Credit Union Administration 2025-07-01
National Credit Union Administration liquidates Aldersgate Federal Credit Union and confirms deposits insured up to $250,000
The National Credit Union Administration (NCUA) liquidated Aldersgate Federal Credit Union of Marion, Illinois, due to insolvency and violations of the Federal Credit Union Act and NCUA Rules. Members' deposits are insured up to USD 250,000 by the National Credit Union Share Insurance Fund. NCUA's Asset Management and Assistance Center will manage account inquiries and provide guidance on insurance coverage.