The National Credit Union Administration announced the merger of Cleveland-based Cory Methodist Church Credit Union into Eaton Family Credit Union of Euclid, Ohio, effective today.
The merger comes after the Superintendent of the Ohio Division of Financial Institutions placed Cory Methodist into conservatorship in early February, with the federal regulator as conservator,
"The [NCUA and Ohio DFI] worked together to address issues affecting the credit union's safety and soundness and determined that merging Cory Methodist Church Credit Union into Eaton Family Credit Union was in the members' best interests," NCUA said in a statement.
According to the most recent call reports, Cory Methodist held assets of $1.4 million with 650 members and will be merged into the $60 million Eaton Family CU, which serves 14,600 members.
NCUA noted member deposits will remain protected by the NCUSIF, up to $250,000 per individual account.
