Two federal credit unions – one serving employees of an electric power company, the other serving schools, colleges and universities – were placed in conservatorship Friday by the National Credit Union Administration (NCUA) because of unsafe and unsound practices at the institutions, the agency said.
O. F. Toalston Federal Credit Union in Logan, W.Va., and Mingo County Education Federal Credit Union in Williamson, W.Va., will continue to provide member services under the conservatorships, the agency said. NCUA said in both cases that it will “work to resolve issues affecting the credit union’s operations.”
O. F. Toalston Federal Credit Union was chartered in 1949. Its most recent call report showed it has 175 members and reported assets of $479,000, the NCUA said. The credit union serves employees of the Appalachian Power Company who work in the Logan Plant and in the Logan District, which is comprised of Logan, Boone, Mingo, Lincoln, and Wyoming Counties, W.Va., the agency said.
Mingo County Education Federal Credit Union was chartered in 1977. Its most recent call report, the NCUA said, showed it has 457 members and reported assets of $2.7 million. It said this credit union serves employees of primary and secondary public, private, and parochial schools and colleges and universities in Mingo County, W.Va.