Aldersgate Federal Credit Union Closes

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

ALEXANDRIA, VA (July 1, 2025) – The National Credit Union Administration (NCUA) today liquidated Aldersgate Federal Credit Union of Marion, Illinois. Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000.

The decision to liquidate Aldersgate Federal Credit Union and discontinue operations was made after determining the credit union was insolvent and had no prospect for restoring viable operations. The credit union violated numerous provisions of the Federal Credit Union Act and NCUA Rules and Regulations, including operating in an unsafe and unsound manner.

NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union. Members may direct questions and other inquiries concerning their accounts to NCUA’s Asset Management and Assistance Center:

Members with additional questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 800-755-1030. The Center answers calls Monday – Friday between 8 a.m. and 5 p.m. Eastern. Individuals may also visit the Share Insurance Estimator at  MyCreditUnion.gov at any time for more information about their insurance coverage.

Aldersgate Federal Credit Union served 811 members and had assets of $10,577,346, according to the credit union’s most recent Call Report. Chartered in 1962, Aldersgate Federal Credit Union served the ministerial and probationary members, full time employees, local pastors, clergy persons and diaconal ministers under appointment of the bishop of the Illinois Great Rivers Conference of the United Methodist Church.

Liquidation Notice to Creditors of Aldersgate Federal Credit Union