Nearly seven months after it was placed into conservatorship because of safety and soundness issues, the $1.4 million Cory Methodist Church Credit Union in Cleveland was merged into the $60.5 million Eaton Family Credit Union of Euclid, Ohio Thursday, the NCUA said.
The NCUA was appointed the conservator for the credit union earlier this year.
On February 4, the Ohio Department of Commerce Division of Financial Institutions in Columbus placed Cory Methodist Church CU into conservatorship to protect its assets, members, depositors and creditors.
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State regulators said they had been working with the financially troubled credit union for several years. However, unspecified safety and soundness concerns were not resolved in a timely fashion, according to state regulators.
Along with declining loan and investment income, Cory Methodist Church CU had been posting net losses since 2012. At the end of 2015, the Ohio cooperative posted a net income loss of more than $145,000, and recorded additional net income losses of more than $150,000 from 2012 to 2014, NCUA financial reports show.
The credit union's ROAA was -8.39% with a delinquent loan rate of 33%, significantly higher than the peer average of 4.62%, according to NCUA financial performance reports.
Founded in 1958, Cory Methodist Church CU served 650 members.
As new members of Eaton Family CU, the NCUA said they should experience no interruption in services. The former Cory Methodist Church CU branch in Cleveland will remain open, according to the NCUA.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
