Ohio's Montgomery County CU placed into conservatorship
April 23, 2015
ALEXANDRIA, Va. (4/24/15)--Dayton, Ohio's Montgomery CU Inc. was placed into conservatorship Thursday, and the National Credit Union Administration has been named conservator, according to the agency.
Montgomery County CU was placed into conservatorship by the superintendent of the Ohio Division of Financial Institutions (DFI).
The DFI placed Montgomery County CU into conservatorship after the discovery of unsafe and unsound practices. While continuing normal member services, the two agencies will work to resolve issues affecting the credit union's safety and soundness.
Montgomery County CU Inc. is a federally insured, state-chartered credit union with 6,605 members and $27.3 million in assets, according to the credit union's most recent call report.
It was chartered in 1963, and serves anyone who lives, works, worships or attends school in Montgomery County, Ohio.
Deposits at Montgomery County CU remain protected by the National Credit Union Share Insurance Fund. The NCUA has posted a FAQ document about the conservatorship.