Thursday, September 1, 2016

Conserved Cory Methodist Church CU Merged into Eaton Family CU

The National Credit Union Administration (NCUA) announced that Cory Methodist Church Credit Union of Cleveland, Ohio, has merged into Eaton Family Credit Union of Euclid, Ohio.

The Superintendent of the Ohio Division of Financial Institutions placed Cory Methodist Church Credit Union into conservatorship on Feb. 4, 2016 and appointed NCUA as agent for the conservator.

While Cory Methodist Church CU reported a net worth ratio of 24.79 percent as of June 30, the credit union reported 37.39 percent of loans were 60 days or more past due.

NCUA and the Ohio Division of Financial Institutions determined that merging Cory Methodist Church Credit Union into Eaton Family Credit Union was in the members’ best interests.

Read tne press release.
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