CHARLESTON, S.C.–NCUA has shuttered a small credit union here.
The agency said it has liquidated the $2.8-million C O Federal Credit Union after "determining the credit union was insolvent and had no prospect for restoring viable operations.”
C O FCU’s mid-year call report shows it posted a loss of $445,000 at mid-year with net worth of nearly 16%.
The agency said its Asset Management and Assistance Center will issue checks to the credit union’s 711 members within one week to individuals holding verified accounts in the credit union.
C O FCU was chartered in 1966, the credit union served members of The Citizen Committee of Charleston County, S.C., and also served anyone who lives in Charleston County and members of the International Longshoreman's Association — Local #1422 in Charleston.