The federal regulator of credit unions placed $10 million-in-assets Butler Heritage Federal Credit Union (FCU), Middletown, Ohio, into conservatorship Friday, the agency said in a release.
The National Credit Union Administration (NCUA) said it took the action 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,” it said.
The agency said Butler Heritage FCU – a federally insured, federally chartered credit union – has 836 members and assets of $10,305,416, according to the credit union’s most recent call report. The credit union serves people who live, work, worship, volunteer, or attend school in, and businesses and other legal entities located in, Butler County, it said.
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