NCUA closes two more FCUs following brief conservatorships, making six closures in 2022

The federal agency that regulates credit unions on Tuesday closed two small West Virginia credit unions following about a five-week conservatorship for each.

The National Credit Union Administration (NCUA) said it liquidated O.F. Toalston Federal Credit Union of Logan, W.Va., and Mingo County Education Federal Credit Union of Williamson, W.Va. The agency placed both in conservatorship Oct. 7, citing unsafe and unsound practices, and said Tuesday that it had determined the institutions were insolvent and had no prospects for restoring viable operations.

O.F. Toalston FCU and Mingo County Education FCU are the fifth and sixth federal credit unions closed in 2022, the NCUA said.

The agency said O.F. Toalston FCU, chartered in 1949, served 175 members and had assets of $477,610, according to the credit union’s most recent call report. It primarily served employees of the Appalachian Power Company who worked in the Logan Plant and in the Logan District in Logan, Boone, Mingo, Lincoln, and Wyoming Counties, W.Va.

Mingo County Education FCU, chartered in 1977, served 457 members and had assets of $2,722,852, according to the credit union’s most recent call report, the agency said. The credit union primarily served employees of primary and secondary public, private, and parochial schools and colleges and universities in Mingo County, W.Va.

O.F. Toalston Federal Credit Union Closes

Mingo County Education Federal Credit Union Closes

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