Portsmouth Schools Federal Credit Union Closes; BayPort Credit Union Assumes Loans, Assets, and Shares

Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund

ALEXANDRIA, Va. (December 30, 2021) – Today, the National Credit Union Administration liquidated Portsmouth Schools Federal Credit Union in Portsmouth, Virginia.

Newport News Shipbuilding Employees Credit Union, doing business as BayPort Credit Union, immediately assumed Portsmouth Schools Federal Credit Union’s assets, member shares, and loans. Bayport Credit Union is a federally insured credit union with 147,109 members and assets of $2.2 billion, according to the credit union’s most recent Call Report.

The new BayPort Credit Union members will experience no interruption in services, and accounts remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is 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.

Read full NCUA press release ►