A small Charleston, S.C., credit union became the third to be liquidated this year by the federal credit union regulator late last week, as the agency determined it was insolvent and had no prospect for restoring viable operations.
The National Credit Union Administration (NCUA) said Friday that C O Federal Credit Union C O served 711 members and had deposits of approximately $2.8 million, according to the credit union’s most recent quarterly call report.
The agency’s Asset Management and Assistance Center (AMAC) will issue checks within one week to individuals holding verified accounts in the credit union, according to the NCUA.
The agency said the credit union was chartered in 1966. It served members of The Citizen Committee of Charleston County, S.C., who live in the county, and members of the International Longshoreman’s Association – Local #1422 of Charleston.
The other two credit unions closed so far in 2021 are Defense Logistics FCU of Dover, N.J., (liquidated July 1), and Indianapolis’ Newspaper FCU of Indianapolis, closed in March.
C O FCU was originally conserved Jan. 5. Two other credit unions have also been conserved this year (in addition to the Indianapolis credit union, conserved Jan. 14). Those are Edinburg Teachers CU of Edinburg, Texas, and Empire Financial FCU of Jackson, N.J.