ALEXANDRIA, Va.–In a rare move, two West Virginia credit unions just 30 miles apart have been placed into conservatorship on the same day.
In Logan, W.V., NCUA has taken control of the $479,000 O.F. Toalston Federal Credit Union.
NCUA cited unsafe and unsound practices at the credit union in making the move, and said it will work to resolve issues affecting the credit union’s operations and that services will continue uninterrupted. Members may conduct financial transactions Monday through Thursday 10 a.m-4 p.m.
The credit union reported net income of $7,966 at mid year, with capital of 15.73%.
O.F. Toalston FCU has approximately 175 members and serves employees of the Appalachian Power Co. who work in the Logan Plant and in the Logan District.
Second CU Conserved
Separately, in Williamson, W.V., NCUA has also placed the the $2.7-million Mingo County Education FCU into conservatorship, again citing unsafe and unsound practices.
The credit union reported net income of $25,636 through June of 2022, with capital of 16.99%.
The agency said normal member services, the NCUA will not be interrupted and that it will again work to resolve issues affecting the credit union’s operations.
MCEFCU has approximately 457 members and serves employees of primary and secondary public, private, and parochial schools and colleges and universities in Mingo County, W.V.