ALEXANDRIA, Va.– Two small West Virginia credit unions that were located just 20 miles from each other and which were conserved by NCUA in October have been liquidated.
NCUA said it liquidated Mingo County Education FCU in Williamson, W.V., and O.F. Toalston FCU of Logan, W.V., in both cases saying it had determined the credit unions were insolvent and had no prospect for restoring viable operations.
In conserving the $2.722-milion Mingo County EFCU, NCUA cited unsafe and unsound practices. The credit union, chartered in 1977, reported net income of $25,636 through June of 2022, with capital of 16.99%. MCEFCU had approximately 457 members and served employees of primary and secondary public, private, and parochial schools and colleges and universities in Mingo County, W.V.
At the time of its conservatorship, NCUA also cited unsafe and unsound practices at the $479,000 O.F. Toalston FCU. The credit union reported net income of $7,966 at mid-year, with capital of 15.73%.
O.F. Toalston FCU, chartered in 1949, had approximately 175 members and served employees of the Appalachian Power Co. who work in the Logan Plant and in the Logan District.
The credit unions mark the fifth and sixth CU failures of 2022, according to NCUA.