Valley State Credit Union in Saginaw, MI has been placed into conservatorship by the Michigan Department of Insurance and Financial Services to address issues affecting the credit union's financial stability.
According to the order, the state regulator has determined that Valley State was "operating in an unsafe and unsound condition."
As of the second quarter of 2016, the $24.9 million credit union reported a mid-year loss of almost $300 thousand. The credit union reported that 12.9 percent of its loans were 60 days or past due.
Read the press release/a>.
Read the conservatorship order.
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