The National Credit Union Administration closed two credit unions in West Virginia just a month after both were placed under guardianship.
The NCUA announced Tuesday that it had closed OF Toalston Federal Credit Union in Logan after finding the credit union was insolvent and would not be able to restore viable operations. At the time of its closure, OF Toalston FCU had $477,610 in assets and 175 members. It served people employed by the Appalachian Power Company at the Logan plant and in the Logan District, which includes Logan, Boone, Mingo, Lincoln, and Wyoming counties.
Additionally, the agency announced the liquidation of Mingo County Education Federal Credit Union, a $2.7 million asset institution in Williamson, after concluding that the credit union would also never return to sustainable operations. The Mingo County Education FCU said it had 457 members who were employees of public, private, and parochial primary and secondary schools, colleges and universities in Mingo County.
Credit unions are the latest to be closed by the NCUA this year, following Federal Financial Union Empire Financial in New York and Paducah Federal Teachers Credit Union in Paducah, Kentucky.