NCUA Liquidates Two West Virginia Credit Unions
The NCUA announced the liquidation of two West Virginia credit unions that had been under agency conservatorship since October. Learn why.
Both federal credit unions had been under agency control since October.
The NCUA on Tuesday liquidated two West Virginia credit unions that had been placed into conservatorship last month.
Agency officials said that they liquidated the O.F. Toalston Federal Credit Union of Logan, West Virginia, and the Mingo County Education Federal Credit Union of Williamson, West Virginia.
They explained the agency decided to discontinue operations after determining that the credit unions were insolvent and had no prospect for restoring viable operations.
The financial institutions were the fifth and sixth credit unions to have failed this year.
What Happens to Members?
Member deposits are federally insured by the NCUA’s Share Insurance Fund up to $250,000. The agency’s Asset Management and Assistance Center will issue correspondence to individuals holding verified credit union share accounts at the two institutions within one week.
More About the Credit Unions
O.F. Toalston Federal Credit Union served 175 members and had assets of $477,610, according to its most recent call report. It was chartered in 1949, and primarily served employees of the Appalachian Power Company who worked in the Logan Plant and in the Logan District in Logan, Boone, Mingo, Lincoln, and Wyoming Counties, West Virginia.
Mingo County Education Federal Credit Union served 457 members and had assets of $2,722,852, according to the institution’s most recent call report. The credit union was chartered in 1977 and primarily served employees of primary and secondary public, private, and parochial schools and colleges and universities in Mingo County, West Virginia.