SAN FRANCISCO--(Business Wire)--
The California Department of Financial Institutions (DFI) today
announced that it had taken control of Valley Credit Union and
appointed the National Credit Union Administration (NCUA) as
conservator.
The NCUA will operate the credit union and continue to provide
credit union services for its members. The NCUA also plans to explore
opportunities to combine the credit union with another credit union
through a merger or purchase. In the interim, NCUA's conservatorship
will ensure safe and sound credit union operations.
Valley Credit Union is a state-chartered, NCUA-insured credit
union based in San Jose. It was originally chartered in 1953 to serve
telephone company employees. The Credit Union has three branch
offices. Valley Credit Union has total assets of nearly $244 million
and over 26,000 members.
Member funds are federally insured up to at least $100,000 per
account by the National Credit Union Share Insurance Fund (NCUSIF).
The NCUA will announce their acceptance as conservator of Valley
Credit Union in a press release, which will be available on their Web
site at www.ncua.gov.
DFI supervises over 700 state financial institutions. Maintaining
the integrity of financial services remains the primary mission of the
Department. The DFI is responsible for administering state laws
regulating state-licensed financial institutions: banks, credit
unions, industrial banks, trust companies, offices of foreign banks,
issuers of travelers' checks and payment instruments (money orders),
and money transmitters. In addition to posting information about
licensees, the DFI Web site features consumer tips on a variety of
financial topics. DFI reports to Business, Transportation & Housing
Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.
The California Department of Financial Institutions
Alana Golden, Public Information Officer
916-323-7012 or 916-322-5966
www.dfi.ca.gov
Copyright Business Wire 2008
