ALEXANDRIA, Va. – NCUA was named receiver of Valley Credit Union in San Jose, California and immediately and sold its assets to Citizens Equity First Credit Union of Peoria, Illinois.
NCUA had been operating Valley CU as a conservator since the California Department of Financial Institutions placed it into conservatorship last September 2.
According to a financial report filed with NCUA that covers the third quarter of 2008, its assets declined 15.9% during that period, the value of its investments fell 80.7%.
Valley has more than 25,000 members and assets of about $205 million. It was founded in 1953 to serve members of the telecommunications industry.
Citizens Equity First has more than 250,000 members and assets of about $3.6 billion. It was founded in 1937.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.