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.

No comments:

Post a Comment

 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.