Accounts Protected by Share Insurance Fund; Member Services Uninterrupted
ALEXANDRIA, Va. (Oct. 7, 2022) – The National Credit Union Administration today placed Mingo County Education Federal Credit Union in Williamson, West Virginia, into conservatorship.
Member deposits at Mingo County Education Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at the credit union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also 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 NCUA placed Mingo County Education Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations. Members may conduct normal financial transactions via phone by calling 304.673.8570 Monday through Thursday 10 a.m.-4 p.m., or in person at the credit union’s office located at Rural Route 2 Williamson, W.Va. 25661 on Friday from 12-4 p.m. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares during the conservatorship.
Members with questions about Mingo County Education Federal Credit Union’s operations may contact the credit union at 304.673.8570 Monday through Thursday 10 a.m.-4 p.m. Members with questions about the conservatorship may review the Mingo County Education Federal Credit Union’s frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (opens new window) section of NCUA’s MyCreditUnion.gov (opens new window) consumer website.
Mingo County Education Federal Credit Union is a federally insured credit union with 457 members and reported assets of $2.7 million, according to the credit union’s most recent Call Report. Mingo County Education Federal Credit Union serves employees of primary and secondary public, private, and parochial schools and colleges and universities in Mingo County, West Virginia.