DAYTON, Ohio—Following four consecutive years of losses—one topping $1 million—the Ohio Division of Financial Institutions Thursday conserved the $27-million Montgomery County CU here.
NCUA, appointed as agent for the conservator, stated that the Ohio DFI placed the CU into conservatorship after discovering “unsafe and unsound practices.” NCUA said it will work together with the Ohio DFI to “resolve issues affecting the credit union’s safety and soundness.”
The CU lost $29,480 in 2011, $1.3 million in 2012, $393,139 the following year, and $380,685 in 2014.
Montgomery County Credit Union has 6,605 members.