Member Deposits Remain Protected to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (Feb. 4, 2016) – The Superintendent of the Ohio Division of Financial Institutions today placed Cory Methodist Church Credit Union, of Cleveland, into conservatorship and appointed the National Credit Union Administration as conservator.
Deposits at Cory Methodist Church Credit Union 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.
The Superintendent placed Cory Methodist Church Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations.
Members can conduct normal financial transactions at Steel Valley Federal Credit Union, 3840 Pearl Road, Cleveland. Steel Valley Federal Credit Union is open for business Monday, Tuesday and Thursday from 9 a.m. to 4 p.m. and Wednesday from noon to 4 p.m. Friday hours are from 10 a.m. to 6 p.m. Saturday hours are from 9 a.m. to 12:30 p.m. Members may also call Steel Valley Federal Credit Union at 216-741-9430.
Cory Methodist Church Credit Union is a federally insured, state-chartered credit union with a low-income designation that has 710 members and assets of $1.6 million, according to the credit union’s most recent Call Report. Chartered in 1958, Cory Methodist Church Credit Union serves specific geographic boundaries of Glenville and Mt. Pleasant, Ohio, areas and includes multiple churches and select employee groups.
Members who have questions about the conservatorship may review the Cory Methodist Church Credit Union Frequently Asked Questions document attached to this release and available online here.