ALEXANDRIA, Va. The NCUA Board approved a sprawling four-county charter this morning for CinFed FCU, which failed in its earlier bid for a much larger eight-county, three-state FOM covering more than two million people.
The new charter authorizes the $310 million Cincinnati credit union, which currently serves 240 select groups, to serve about 1.2 million people in the surrounding counties of Boone, Campbell and Kenton in Kentucky and adjourning Hamilton County in Ohio, which amounts to about half of the Cincinnati 2.2-million population MSA.
The then-$220 million credit union was denied by NCUA in a 2007 bid for the much broader community charter, which would have encompassed four counties in Ohio, three in neighboring Kentucky and one in Indiana. Since then the credit union has succeeded in getting 75% penetration of its FOM.
CinFed was chartered in 1934 as Local #75 Federal Employees CU and converted to a federal charter in 1975.
The two-person NCUA Board also issued for comment several proposed non-substantive clarifications to its fixed asset rule.
