ELGA Credit Union Acquires Valley State Credit Union
Member Deposits Remain Protected to $250,000; Services Uninterrupted
FOR IMMEDIATE RELEASE: March 31, 2017
(LANSING) Today, the Michigan Department of Insurance and Financial Services (DIFS) announce the acquisition of Valley State Credit Union (VSCU) by ELGA Credit Union. ELGA Credit Union is headquartered in Burton, Michigan.
DIFS placed VSCU into conservatorship on August 17, 2016 because of unsafe and unsound practices at the credit union. Then on November 9, 2016, DIFS appointed NCUA conservator of VSCU. Since that time, DIFS and the National Credit Union Administration (NCUA) have been working together to ensure the safety of member deposits.
“The credit union members should be assured that their deposits are protected to the limits prescribed by federal law and they will have continued, uninterrupted access to their funds,” said DIFS Director Patrick McPharlin.
Credit union members and customers of Valley State Credit Union with questions about this acquisition should contact the new ELGA branch office at 989-793-5943.
Deposits at Valley State Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. IRA and KEOGH retirement accounts are protected separately up to $250,000. The Fund has the backing of the full faith and credit of the United States government.
Credit union members with questions about insurance coverage can find more information on the MyCreditUnion.gov website, or they may contact NCUA’s Consumer Assistance Center at 800-755-1030 between 8 a.m. and 5 p.m. Eastern.