Valley CU Put into Receivership; CEFCU Acquires Assets

ALEXANDRIA, Virginia–Following the California Department of Financial Institution's appointment of NCUA as the receiver of Valley CU, San Jose, the federal regulator entered into an agreement with Citizens Equity First CU, Peoria, Illinois, to sell certain assets and liabilities of Valley to CEFCU.NCUA had been operating Valley as conservator since the California DFI placed Valley into conservatorship on Sept. 2, 2008. At the time of receivership, Valley had approximately $205 million in assets. Valley was established in 1953 to serve members of the telecommunications industry and grew to serve over 25,000 members. 

Members of Valley experienced no interruption of credit union service as their credit union was purchased by Citizens Equity First Credit Union.  The $3.6-billion CEFCU will continue operating branches of Valley.