DAYTON, Ohio — The Superintendent of the Ohio Division of Financial Institutions on Thursday placed Montgomery County Credit Union, Inc., into conservatorship and appointed the National Credit Union Administration as agent for the conservator.
The Ohio regulator said it placed $27.3 million Montgomery County CU into conservatorship after its discovery of alleged "unsafe and unsound practices."
"While continuing normal member services, the two agencies will work to resolve issues affecting the credit union's safety and soundness," NCUA and the Ohio Division of Financial Institutions said in a joint statement.
Members may continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares, the regulators said. Deposits at Montgomery County CU remain protected by the National Credit Union Share Insurance Fund.
Montgomery County CU is a federally insured, state-chartered credit union with 6,605 members, according to the credit union's most recent Call Report. Chartered in 1963, the CU serves anyone who lives, works, worships or attends school in Montgomery County, Ohio.
