Citing Unsafe Practices, NCUA Takes Over Two W.Va. Credit Unions
The NCUA announced it was placing two West Virginia federal credit unions under the conservatorship of the agency. Learn why.
Member services won’t be impacted at either credit union as agency works to resolve issues.
The NCUA on Friday assumed control of two West Virginia federal credit unions that agency officials said had engaged in unsafe and unsound practices.
The NCUA noted that member deposits at each credit union would remain protected by the agency’s Share Insurance Fund. Members will also still be able to conduct financial transactions and access member services at both institutions as the NCUA works “to resolve issues affecting the credit union’s operations.”
About the Credit Unions
O.F. Toalston Federal Credit Union is a federally insured credit union with 175 members and assets of $479,000, according to its most recent Call Report. The credit union serves employees of the Appalachian Power Company who work in the Logan Plant and within the Logan District, which is comprised of Logan, Boone, Mingo, Lincoln, and Wyoming Counties, West Virginia.
Mingo County Education Federal Credit Union is a federally insured credit union with 457 members and assets of $2.7 million, according to its most recent Call Report. The credit union serves employees of primary and secondary public, private, and parochial schools and colleges and universities in Mingo County, West Virginia.
The financial institutions are respectively the third and fourth credit unions to be liquidated this year.