CHARLESTON, S.C.— NCUA hasplaced tiny C O Federal Credit Union here into conservatorship.
NCUA said it placed $4.4-million C O FCU into conservatorship because of unsafe and unsound practices at the credit union. C O FCU's September 2020 Call Report shows a loss of $37,653 but strong net worth at 10.68%, making it well capitalized.
“While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations,” the agency said.
Member services will continue uninterrupted at the credit union’s main office at 117 Spring St., Suite C.
C O Federal Credit Union has 785 members. The CU serves members (and their families) of The Citizen Committee of Charleston County and members of the International Longshoreman’s Association — Local #1422 in Charleston.