NCUA liquidates credit union in South Carolina

Federal regulators have liquidated Community Owned Federal Credit Union in Charleston, South Carolina.

The National Credit Union Administration has closed three institutions this year, including Newspapers Federal Credit Union in Indianapolis and Defense Logistics Federal Credit Union in Dover, New Jersey.

The NCUA said in a news release Friday that Community Owned was insolvent and had no chance of becoming viable again. The credit union had been placed into conservatorship in January because of what the NCUA described as unsafe and unsound business practices.

Members of the credit union who hold verified accounts there will receive checks from the agency’s asset management and assistance center by Sept. 24, according to the release.

The $2.8 million-asset Community Owned had more than 700 members from The Citizen Committee of Charleston County, the International Longshoreman's Association — Local No. 1422 and residents of the county.

The NCUA has placed four credit unions into conservatorship this year, including two that were later closed.