September 3, 2008 – 8:49 am
San Jose-based, Valley Credit Union, with $257M in assets, has been placed into conservatorship with the NCUA (the California DFI, however, had acted to intervene).
The NCUA page on the shutdown states that Valley was founded in 1953 and has nearly 26,900 members. Service is uninterrupted under NCUA supervision.
Valley was state-chartered, while being Federally insured, explaining why the Cal DFI was the first actor in the conservatorship.
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