Charleston credit union closed, liquidated

Port Trust Federal Credit Union was put into liquidation to try and retrieve its 260 members $460,915 worth of assets.

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The National Credit Union Administration (NCUA) was responsible for the action and will give checks to member within a week. The NCUA had decided the credit union was insolvent and could not fix things, according to a press release .

That press release continued:
Through the NCUA National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $100,000 on regular accounts and $250,000 on certain retirement accounts.

The credit union employed two full time individuals and had received the worst possible ratings from

The credit union was opened in May 2006 by Calving Glover. It was not reported if the closure is due to poor investments or other business failings. A copy of the credit union's financial performance report from the NCUA is available.

The Post and Courier tried to get more information, but had its questions deferred.

Update August 7: The Post and Courier has a story about why the bank closed. Apparently the credit union had a less-than 1 percent equity-to-asset ratio.

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