PORTSMOUTH, Va.--NCUA has liquidated the $2.2-million Portsmouth Schools Federal Credit Union.
Newport News Shipbuilding Employees Credit Union, doing business as BayPort Credit Union, immediately assumed Portsmouth Schools FCU’s assets, member shares, and loans. Bayport Credit Union has 147,109 members and assets of $2.2 billion.
At the time of liquidation, and subsequent purchase by BayPort Credit Union, Portsmouth Schools Federal Credit Union served 870 members, according to the credit union’s most recent Call Report. Chartered in 1942, Portsmouth Schools Federal Credit Union served teachers, employees, students, and family members of various schools within the Portsmouth, Virginia, public school system.
PSFCU lost $67,046 in 2020, and $204,558 through September of 2021, according to Call Report data.