The Director of the Michigan Department of Insurance and Financial Services (DIFS) has appointed the National Credit Union Administration (NCUA) as conservator of Valley State Credit Union, a $22-million institution based in Saginaw, Mich.
DIFS had placed Valley State CU into conservatorship on August 17, 2016 because of the “unsafe and unsound practices” uncovered at the credit union.
While continuing “normal member services,” NCUA said it will work to resolve issues affecting the credit union’s operations. Members can continue “business as usual,” conducting financial transactions, accessing share deposits and loan services, and using web-based account inquiries and bill payment.
NCUA assured that Valley State CU members should experience no interruption in normal services.
Valley State CU, which has just under 3,000 members, serves employees, members or retirees of the government of the state of Michigan who live or work in the Michigan counties of Arenac, Bay, Genesee, Huron, Midland, Saginaw, Sanilac or Tuscola; organizations that contract with agencies of the state of Michigan to provide janitorial services to those offices located in the above counties; Saginaw Valley State College, including employees, students and alumni; members of the immediate families of the foregoing.
