The Michigan Department of Insurance and Financial Services Wednesday appointed the NCUA as the conservator of the financially troubled $22.3 million Valley State Credit Union in Saginaw.
The MDIFS placed Valley State into conservatorship on Aug. 17 because of unsafe and unsound practices at the credit union.
Although the state regulator did not specify the credit union's issues, Valley State has been losing money since 2011, according to NCUA financial performance reports. From 2011 to 2015, the credit union's net income losses totaled more than $195,000.
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