Thursday, April 23, 2015

Montgomery County CU Conserved (Updated)

The Superintendent of the Ohio Division of Financial Institutions today placed Montgomery County Credit Union, Inc., located in Dayton, Ohio, into conservatorship and appointed the National Credit Union Administration (NCUA) as agent for the conservator.

The Ohio Division of Financial Institutions wrote:

"Over the last several years, the Division has been working closely with the credit union in order to prevent
its financial condition from deteriorating. Unfortunately, certain safety and soundness concerns were not resolved in a timely fashion, and it became necessary for the Division to take action to protect the assets of the credit union for members, depositors and creditors."

Montgomery County Credit Union has reported losses of $393,139 and $380,685 for 2013 and 2014, respectively. In addition, the delinquency ratio for the credit union rose during the second half of 2014 from 0.69 percent to 2.53 percent.

According to the Dayton Daily News, "[i]n 2013, the credit union was investigated for allegations of poor management and mishandled money that was found during an ongoing audit. The board of directors of Montgomery County Credit Union Inc. told members that the problems led to an approximately $1.3 million net loss in 2012.

Montgomery County Credit Union, Inc., is a federally insured, state-chartered credit union with 6,605 members and $27.3 million in assets, according to the credit union’s most recent Call Report.

Go to the Ohio Division of Financial Institutions website to read the press release.

Read the NCUA press release.
Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

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.