NCUA: Valwood Park Federal Credit Union Conserved

ALEXANDRIA, Virginia, Jan. 21 -- The National Credit Union Administration issued the following news release on Jan. 20, 2023:

The National Credit Union Administration today placed Valwood Park Federal Credit Union in Carrollton, Texas, into conservatorship.

The NCUA placed Valwood Park Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union's operations.

Member deposits at Valwood Park Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Valwood Park Federal Credit Union up to $250,000. A member's interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

Member services will continue uninterrupted at the credit union's main office at 1001 E Crosby Rd., in Carrollton, Texas. Members can continue to conduct regular financial transactions, deposit and access funds, make loan payments, and use shares. The credit union lobby is open Monday through Friday from 9 a.m. to 3 p.m. Additionally, the drive-thru is open Monday through Thursday from 7:30 a.m. to 4 p.m., Friday from 7:30 a.m. to 6 p.m., and Saturday from 9 a.m. to noon.

Members with questions about Valwood Park Federal Credit Union's operations may contact the credit union at 972.446.0540. Members with questions about the conservatorship may review the Valwood Park Federal Credit Union frequently asked questions posted on the NCUA's website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (opens new window) section of the NCUA's MyCreditUnion.gov (opens new window) consumer website.

Valwood Park Federal Credit Union is a federally insured, federally chartered credit union with 2,833 members and assets of more than $28 million, according to the credit union's most recent Call Report. The credit union serves the cities of Carrollton, Farmers Branch, and Addison in Texas.

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Original text here: https://www.ncua.gov/newsroom/press-release/2023/valwood-park-federal-credit-union-conserved