Thursday, February 4, 2016

Low-Income Cleveland-based CU Conserved

The Superintendent of the Ohio Division of Financial Institutions on February 4 placed Cory Methodist Church Credit Union, of Cleveland, into conservatorship and appointed the National Credit Union Administration as conservator.

The Superintendent placed Cory Methodist Church Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations.

The credit union reported a loss of approximately $145 thousand for 2015, after posting a 2014 loss of almost $50 thousand. According to its December Call Report, the credit union had a net worth ratio of 21.94 percent and a delinquent loan ratio of 33.90 percent. The credit union had a net charge-off ratio for 2015 of 5.32 percent.

Members of Cory Methodist Church CU will be able to conduct normal financial transactions at Steel Valley Federal Credit Union

Cory Methodist Church Credit Union is a federally insured, state-chartered credit union with a low-income designation that has 710 members and assets of $1.6 million, according to the credit union’s most recent Call Report.

Read NCUA's press release.
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