For the second time this year, Michigan regulators placed a credit union into conservatorship.
The Michigan Department of Insurance and Financial Services said Wednesday it took over the financially troubled $24.8 million Valley State Credit Union in Saginaw.
In January, the state regulators placed the $68 million Clarkston Brandon Community Credit Union into conservatorship after its former CFO Michael Anthony LaJoice admitted to embezzling more than $18 million, the Clarkston, Mich.-based cooperative.
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