Member Deposits Protected up to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (April 23, 2015) – The Superintendent of the Ohio Division of Financial Institutions today placed Montgomery County Credit Union, Inc., located in Dayton, Ohio, into conservatorship and appointed the National Credit Union Administration as agent for the conservator.
Deposits at Montgomery County Credit Union, Inc., remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
The Division of Financial Institutions placed Montgomery County Credit Union, Inc., into conservatorship after the discovery of unsafe and unsound practices. While continuing normal member services, the two agencies will work to resolve issues affecting the credit union’s safety and soundness. Members may continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Montgomery County Credit Union, Inc., is a federally insured, state-chartered credit union with 6,605 members and $27.3 million in assets, according to the credit union’s most recent Call Report. Chartered in 1963, Montgomery County Credit Union, Inc. serves anyone who lives, works, worships or attends school in Montgomery County, Ohio.
Members who have questions about the conservatorship may review the Montgomery County Credit Union, Inc., Frequently Asked Questions document attached to this release and available online here.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.