Newsroom

February 04, 2016

$1.6M Cory Methodist Church CU conserved

Cory Methodist Church Credit Union of Ohio was placed into conservatorship Thursday by the Superintendent of the Ohio Division of Financial Institutions, which appointed NCUA as conservator.

Cory Methodist Church CU was placed into conservatorship due to unsafe and unsound practices, NCUA said. The agency will work with the credit union while it continues serving its members. Members' financial transactions can be conducted at Steel Valley Federal Credit Union in Cleveland.

The federally insured, state-chartered credit union has a low-income designation. It has 710 members and assets of $1.6 million, according to its latest call report.

Chartered in 1958, Cory Methodist Church CU serves specific geographic boundaries of Glenville and Mt. Pleasant, Ohio, areas and includes multiple churches and select employee groups.