NCUA: O.F. Toalston Federal Credit Union Conserved

Targeted News Service (Press Releases)

ALEXANDRIA, Virginia, Oct. 8 -- The National Credit Union Administration issued the following news release on Oct. 7, 2022:

The National Credit Union Administration today placed O.F. Toalston Federal Credit Union in Logan, West Virginia, into conservatorship.

Member deposits at O.F. Toalston Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at the credit union up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also 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 NCUA placed O.F. Toalston Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union's operations. Services will continue uninterrupted. Members may conduct financial transactions via phone by calling 304.673.8570 Monday through Thursday 10 a.m-4 p.m. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares during the conservatorship.

Members with questions about O.F. Toalston Federal Credit Union's operations may contact the credit union at 304.673.8570 Monday through Thursday 10 a.m.-4 p.m. Members with questions about the conservatorship may review the O.F. Toalston Federal Credit Union's frequently asked questions posted on the NCUA's website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (opens new window) section of NCUA's MyCreditUnion.gov (opens new window) consumer website.

O.F. Toalston Federal Credit Union is a federally insured credit union with 175 members and reported assets of $479,000, according to the credit union's most recent Call Report. O.F. Toalston Federal Credit Union serves employees of the Appalachian Power Company who work in the Logan Plant and in the Logan District, which is comprised of Logan, Boone, Mingo, Lincoln, and Wyoming Counties, West Virginia.