Valued Members Federal Credit Union of Jackson, Mississippi, was placed into conservatorship by the National Credit Union Administration (NCUA) today.
Valued Members Federal Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Valued Members Federal Credit Union’s safety and soundness.
Deposits at Valued Members Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Valued Members Federal Credit Union up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
Valued Members Federal Credit Union was originally chartered in 1957 and serves Leake County, the underserved community of Madison County, and a number of employee groups in and around Jackson, Mississippi. The credit union has approximately $9 million in assets and 2,030 members.
The decision to conserve a credit union enables the institution to continue regular operations with expert management in place correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union.