The National Credit Union Administration (NCUA) has placed Aldersgate Federal Credit Union, located in Marion, Illinois, into conservatorship. This move aims to address operational issues within the credit union while ensuring that member services remain uninterrupted.

Deposits at Aldersgate Federal Credit Union are safeguarded by the National Credit Union Share Insurance Fund. The fund, managed by the NCUA, insures individual accounts at federally insured credit unions up to $250,000. Joint accounts and retirement accounts such as IRA and KEOGH are also covered up to $250,000 each. The insurance fund is backed by the full faith and credit of the United States.

Members can continue their financial activities during this period. Transactions can be conducted via phone through the NCUA Asset Management and Assistance Center from Monday to Thursday between 10:00 AM and 4:00 PM Central Time. Financial transactions like deposits, loan payments, and share withdrawals will proceed without disruption.

For inquiries regarding the conservatorship or Share Insurance Fund coverage, members are directed to consult resources available on the NCUA's website or MyCreditUnion.gov consumer site.

Aldersgate Federal Credit Union serves 811 members with reported assets of $10.6 million according to its latest Call Report. It caters primarily to ministerial staff and related personnel associated with the Illinois Great Rivers Conference of the United Methodist Church.

The NCUA functions as an independent federal agency established by Congress to oversee federal credit unions. It manages the National Credit Union Share Insurance Fund which protects over 135 million account holders across federal and most state-chartered credit unions in the U.S., while also promoting consumer protection and financial literacy.

For media inquiries, contact OEACmail@ncua.gov or call 703-518-6330.