Ohio Conserves $27 Million CU
Ohio’s Department of Financial Institutions has put the $27 million, Dayton-Ohio based Montgomery County Credit Union into conservatorship and appointed the NCUA as its agent in the case.
The regulator cited unsafe and unsound practices for moving against the 6,600 member cooperative.
According to its most recent NCUA 5300 report, as of December 2014, Montgomery County had an equity ratio of 9%, compared to 12.48% for peers and its ratio of delinquent loans to total loans stood at 2.53% compared to 1.31% for peers. It also had five quarters of negative return on assets, including -1.37% at the end of 2014.
The credit union saw negative income of over $380,000 last year.