SAN JOSE, Calif. – The NCUA has selected $3.6 billion Citizens Equity First Credit Union to purchase and acquire the assets of Valley Credit Union, according to a letter sent to Valley CU members yesterday from NCUA Regional Director Melinda Love. The acquisition will be final December 31; Valley CU was placed under conservatorship September 2.

In a separate statement to members, CEFCU President/CEO Mark Spenny told Valley members, “Despite the national economy, CEFCU enjoyed record success in 2008, and it was because of this financial strength that the NCUA asked CEFCU to consider acquiring Valley Credit Union. We’re so pleased that you will be part of CEFCU’s future success.”