Valley State Credit Union in Michigan Conserved

For the second time this year, Michigan regulators place a credit union into conservatorship.

By Peter Strozniak | August 28, 2016 at 08:00 PM

For the second time this year, Michigan regulators placed a credit union into conservatorship.

The Michigan Department of Insurance and Financial Services said Aug. 18 that it took over the financially troubled $24.8 million Valley State Credit Union in Saginaw.

After examining Valley State's books, the Michigan regulator said it was determined to place the credit union into conservatorship because it was "necessary to protect the public interest."

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