State takes control of local credit union - WNEM TV 5

State takes control of local credit union

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The Michigan Department of Insurance and Financial Services (DIFS) is stepping in as conservator of a local credit union.

The state will manage the financial affairs of the Valley State Credit Union in Saginaw to ensure access to funds.

DIFS Director Patrick McPharlin issued the order on Wednesday, effective immediately.

“The 3,116 credit union members should be assured that their deposits are protected and they will have continued, uninterrupted access to their funds,” said McPharlin. “All Michigan state-chartered credit unions are insured by the National Credit Union Administration (NCUA) for up to $250,000 per depositor and sometimes more.”

DIFS has assumed control of the credit union and will work with the NCUA to address issues related to operations and financial condition.

Members and customers of Valley State Credit Union with questions about this conservatorship should contact the Valley State Credit Union branch office at 989-793-5943. 

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