Telesis-Founded Business Lending CUSO Releases Audit Results
Business Partners LLC, the business lending CUSO founded by Telesis Community Credit Union, has announced its audited financial results for 2011.
News Update: May 7, 2012, Telesis Reports $13.8 Million First Quarter Loss
The Chatsworth, Calif.-based CUSO said it had equity at $7.7 million, which was 28.1% of its assets. Cash and certificated of deposit investment liquidity totaled $6.8 million or 24.8% on total assets of $27.5 million.
Profitability continued for the eighth consecutive year with net income at more than $1 million 13.3% return on equity and 3.8% return on assets, according to the CUSO.
Loren Houchen was recently named interim president of Business Partners, succeeding Jean Faenza, its former president/CEO. Houchen will continue to serve as the CUSO’s chief operating officer in a role he told Credit Union Times will “help our company continue its growth and development.”
“We’re looking forward to a good 2012,” Houchen said in a statement.
Houchen said he affirmed that the opinion audit was received and supplemented past strong performance, as supplemented by the SSAE 16 Certification.
Founded in the mid-1990s by Telesis, Business Partners said it is owned by 17 financial institutions and has more than $1.1 billion in business loans under management. The CUSO said it has analyzed more than $30 billion in business loans since initiating commercial real estate lending in 1998.
At the time, the regulator said Business Partners would continue to service and originate loans.
According to Telesis’ most recent NCUA Call Report, the CUSO is not wholly owned by the $318 million credit union, also based in Chatsworth. As of December 2011, Telesis had an investment of $4.8 million and a $10,000 aggregate cash outlay in Business Partners.
At the time of Telesis’ conservatorship, the NCUA said the CUSO was servicing participation interests for approximately 180 primarily credit unions, 32 of which were lead lenders.
Business Partners said it has regional offices in Texas, Colorado, Illinois, Georgia and Connecticut.