ALEXANDRIA, Va. (2/5/16)--The superintendent of the Ohio Division of Financial Institutions Thursday placed Cory Methodist Church CU, Cleveland, into conservatorship because of "unsafe and unsound practices at the credit union."
The state regulator appointed the National Credit Union Administration (NCUA) as conservator.
The NCUA will work to resolve issues affecting the credit union’s operations, and the credit union's members can conduct normal financial transactions at Steel Valley FCU in Cleveland.
Cory Methodist Church CU is a federally insured, state-chartered credit union with a low-income designation. It has 710 members and assets of $1.6 million, according to the credit union’s most recent call report. Chartered in 1958, the conserved credit union serves specific geographic boundaries of Glenville and Mount Pleasant, Ohio, areas and includes multiple churches and select employee groups.
Members who have questions about the conservatorship may review a Cory Methodist Church CU FAQ document found here.