The National Credit Union Administration liquidated Portsmouth Schools Federal Credit Union in Portsmouth, Virginia on December 30, 2021.
BayPort Credit Union immediately assumed Portsmouth Schools Federal Credit Union’s assets, member shares, and loans.
At the time of its liquidation, Portsmouth Schools Federal Credit Union had 870 members and assets of about $2.2 million, according to its latest NCUA Call Report. Portsmouth Schools Federal Credit Union was chartered in 1942 and served teachers, employees, students and family members of schools within the Portsmouth, Virginia public school system. The credit union was a Minority Depository Institution and also qualified as a low-income credit union.
The new BayPort Credit Union members will experience no interruption in services and their accounts will continue to be insured by the NCUA.
BayPort was established in 1928 as the Newport News Shipbuilding and Dry Dock Co. Employees’ Credit Union to serve shipyard employees and their families.