The Michigan Department of Insurance and Financial Services Nov. 9 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.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
