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News Now

Washington
Tracy FCU liquidated members served by Valley First CU
ALEXANDRIA, Va, (4/28/10)-- Tracy FCU, of Tracy, Calif., was liquidated by the National Credit Union Administration Tuesday and its $25.4 million in assets, as well as its loans and shares, were purchased and assumed by Valley First CU, of Modesto. In announcing the supervisory actions, the NCUA stated they were taken due to Tracy FCU’s “declining financial condition.” Tracy FCU’s declining financial condition led to its closure and subsequent purchase and assumption. At closure, Tracy FCU had $25.4 million in assets and served 5,973 members. At its closing, Tracy served 5,973 members. The NCUA announcement said Valley First CU is a full service credit union and members have access to a broad array of financial services. With assets of $317.1 million and seven branch locations, the credit union serves approximately 47,273 members who live, work, worship, or attend school in Fresno, Madera, Mariposa, Marced, San Joaquin, Stanislaus, Tuolumne Counties, or work for one of the companies in its field of membership. The NCUA reminds that member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. government. This is the sixth federally insured credit union liquidation in 2010.


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