Monday, February 1, 2016

NCUA Assisted in Merging Conserved Montgomery County CU into Bridge CU

The National Credit Union Administration (NCUA) announced today that Montgomery County Credit Union of Dayton, Ohio, was merged into Bridge Credit Union of Columbus, Ohio, effective January 31, 2016 with NCUA's assistance.

Superintendent of the Ohio Division of Financial Institutions placed Montgomery County Credit Union into conservatorship on April 23, 2015, and appointed NCUA as agent for the conservator.

Montgomery County CU reported a loss of almost $540,000 for all of 2015. In the fourth quarter of 2015, the credit union reported negative share (deposit), asset, membership, loan, and net worth growth.

The two agencies worked together to address issues affecting the credit union’s safety and soundness and determined that merging Montgomery County Credit Union into Bridge Credit Union was in the best interests of members.

The assisted merger resulted in no cost to the National Credit Union Share Insurance Fund.

Read the press release.
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