SAGINAW, Mich. – In the three months since it was appointed conservator of Valley State Credit Union here, NCUA said the credit union has addressed financial and management issues affecting the safety and soundness of its operations.
The $19.8-million Valley State, which has 2,715 members, closed 2016 with net worth of $576,685, according to NCUA.
The Michigan Department of Insurance and Financial Services placed Valley State into conservatorship on Aug. 17, 2016, citing unsafe and unsound practices at the credit union. The Department appointed NCUA conservator on Nov. 9, 2016.