The National Credit Union Administration took control of Portsmouth (Va.) Teachers Federal Credit Union on April 21 because of "weak operational and lending practices."

The $1.58 million-asset credit union for public school employees in Portsmouth has 2% capital, heavy loan delinquencies, and large expenses, an NCUA spokesman said. Services to the credit union's 1,713 members will continue uninterrupted. "We are hopeful that we can fix the situation and give it back to the members," the NCUA spokesman said.

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