Member Deposits Protected up to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (Sept. 1, 2016) – Cory Methodist Church Credit Union of Cleveland, Ohio, has merged into Eaton Family Credit Union of Euclid, Ohio, effective today, the National Credit Union Administration announced.
The new Eaton Family Credit Union members should experience no interruption in services. New members can contact the credit union by telephone at 216-920-2000 or in person at the credit union’s main office at 330 Babbitt Road, Suite 100, Euclid. Eaton Family Credit Union is open Monday, Tuesday and Thursday from 8:30 a.m. to 5 p.m., Wednesday from 10 a.m. to 5 p.m., Friday from 8:30 a.m. to 6 p.m., and Saturday from 8:30 a.m. to 1 p.m. Members can continue to transact business at the former Cory Methodist Church Credit Union branch location in Cleveland at 1117 East 105th Street, Cleveland.
Member deposits 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. Members with questions about their insurance coverage can find information online at the Share Insurance Coverage (opens new window) page of NCUA’s MyCreditUnion.gov (opens new window) website.
Eaton Family Credit Union is a federally insured, state-chartered credit union that, prior to the merger, served 14,636 members and had assets of $60,520,539, according to the credit union’s most recent Call Report. At the time of the merger, Cory Methodist Church Credit Union was a federally insured, state-chartered credit union with 650 members and assets of $1,466,272, according to the credit union’s most recent Call Report. Chartered in 1958, Cory Methodist Church Credit Union served members of the Cory Methodist Church and various select employee groups in Cleveland.
The Superintendent of the Ohio Division of Financial Institutions placed Cory Methodist Church Credit Union into conservatorship on Feb. 4, 2016 and appointed NCUA as agent for the conservator. The two agencies worked together to address issues affecting the credit union’s safety and soundness and determined that merging Cory Methodist Church Credit Union into Eaton Family Credit Union was in the members’ best interests.