The Superintendent of the Ohio Division of Financial Institutions named the NCUA conservator of the Cleveland-based Cory Methodist Church Credit Union Thursday.
The Superintendent placed Cory Methodist Church CU into conservatorship because of unsafe and unsound practices at the credit union. While continuing to provide usual member services, the NCUA said it will work to resolve issues affecting the credit union's operations.
Cory Methodist Church CU is a federally insured, state chartered credit union with a low-income designation. It has 710 members and assets of $1.6 million, according to the credit union's most recent Call Report. Chartered in 1958, Cory Methodist Church CU serves specific geographic boundaries in Glenville and Mt. Pleasant, Ohio, including multiple churches and select employee groups.
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