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South Carolina credit union liquidated

The NCUA has announced it has liquidated Community Owned Federal Credit Union [also known as C O Federal Credit Union] in Charleston, South Carolina, after determining the credit union was insolvent and had no prospect for restoring viable operations. C O Federal Credit Union served 711 members and had deposits of approximately $2.8 million, according to its most recent Call Report. Chartered in 1966, the credit union served members of The Citizen Committee of Charleston County, South Carolina and members of the International Longshoreman's Association — Local #1422 in Charleston, South Carolina.

C O FCU is the third federally insured credit union liquidation in 2021.

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