Tiny credit union in SC conserved by federal regulator

The $4.5 million-in-assets, 785-member C O Federal Credit Union of Charleston, S.C., has been placed in conservatorship because of unsafe and unsound practices, the National Credit Union Administration (NCUA) announced late Monday.

The agency said it would work to resolve issues affecting the institution’s operations while continuing normal member services.

The NCUA said that C O Federal Credit Union, chartered in 1966, serves members of The Citizen Committee of Charleston County, S.C., who live in Charleston County and members of the International Longshoreman’s Association – Local #1422 in Charleston; persons retired as pensioners or annuitants from these organizations; members of their immediate family or household; and organizations of such persons.

Monday’s conservatorship is the first by the NCUA this year. Total assets provided was was as of Sept. 30, according to financial information posted by the NCUA.

C O Federal Credit Union Conserved