CLEVELAND—Cory Methodist Church CU here has merged into Eaton Family Credit Union of Euclid, Ohio, NCUA announced Thursday.
The Superintendent of the Ohio Division of Financial Institutions placed Cory Methodist Church CU into conservatorship on Feb. 4, 2016, and appointed NCUA as agent for the conservator. NCUA said that the two agencies worked together to address issues affecting the credit union’s safety and soundness and determined that merging Cory Methodist into Eaton Family was in the members’ best interests.
Prior to the merger, Eaton Family Credit Union served 14,636 members and had assets of $60.5 million, according to the credit union’s most recent Call Report. At the time of the merger, Cory Methodist Church CU had 650 members and assets of $1.5 million.
Chartered in 1958, Cory Methodist Church Credit Union served members of the Cory Methodist Church and various select employee groups in Cleveland.