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February 12, 2013

NCP Community Development FCU conserved

NCUA on Friday placed the $2-million-in-assets NCP Community Development FCU of Norfolk, Va., in conservatorship and said it will work to resolve safety-and-soundness issues while continuing normal member services.

NCP has served a low-income community in the Hampton Roads area for 14 years. NCUA said service to its 709 members will continue without interruption. Members can continue to conduct normal financial transactions, including deposit and access funds, make loan payments and use shares.

"The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses," NCUA said in a statement.

NCP Community Development FCU is the first federally insured credit union placed in conservatorship this year.

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