The National Credit Union Administration Wednesday closed Unilever Federal Credit Union of Englewood Cliffs, New Jersey.

The $46.7 million-asset credit union lost $336,500 in 2024 after losing nearly $135,00 in 2023, according to NCUA call report data.

Member deposits are federally insured by the National Credit Union Share Insurance Fund to at least $250,000.

The NCUA said it made the decision to liquidate Unilever FCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

Chartered in 1948, Unilever FCU had 1,448 members and primarily served employees of UNUS, Unilever United States, Inc, and its subsidiaries who work in or are paid from Englewood Cliffs, New Jersey.

In January, Butler Heritage Federal Credit Union in Middletown, Ohio, became the first credit union to be conserved by the NCUA in 2025.

Meanwhile, Valwood Park Federal Credit Union in Carrollton, Texas, in March was removed from conservatorship and returned to its members.

The number of federally insured credit unions with at least $10 million but less than $50 million – including Unilever FCU – declined to 1,209 in the fourth quarter of 2024 from 1,274 in the fourth quarter of 2023, the NCUA said.

Those credit unions held $31.6 billion in assets, or 1% of total system assets. Credit unions in that category reported an 8% decrease in loans over the year.

Membership declined 7.2% for those 1,209 credit unions.

The most recent credit union liquidated by the NCUA was Inter-American Federal Credit Union of Brooklyn, New York, in March 2023.