The financially troubled $19.8 million Valley State Credit Union was liquidated Friday by the Michigan Department of Insurance and Financial Services.
The state regulator made the decision to liquidate the Saginaw-based credit union and discontinue its operations after determining the credit union was insolvent with no prospect for recovery. The NCUA was named the liquidating agent.
The federal agency also said the $498 million ELGA Credit Union of Burton, Mich. assumed Valley State CUs assets, shares, and loans and will continue serving its 2,715 members. Valley State's office will stay open.
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