Quinnipiac Valley Community CU, formerly Wallingford Steel Employees Federal Credit Union, was founded in 1937 as a benefit for the employees of Wallingford Steel Company. Wallingford Steel was a leader in strip metals for the cutlery business, and in 1935 was purchased by Allegheny Metal. In 1978, the credit union built its current office building at 163 Washington Street in Wallingford. In 1986, WSEFCU acquired by merger the Wallace Silversmith Federal Credit Union, and in 1989 the Safety Electric Credit Union. Employees of Kuhn Employment became eligible for membership in 1987, and Hunters Ambulance employees became eligible in 1994.

On September 28, 2006, the National Credit Union Association (NCUA), approved a community charter that encompasses all who live, work, worship, or attend school in Wallingford, CT.