NCUA Keeps Telesis’ CUSO Assets
The NCUA has retained the liquidated Telesis Community Credit Union’s CUSO shares, Public Affairs Specialist John Zimmerman told Credit Union Times.
Zimmerman said he did not know what future plans the regulator has for the seized assets.
The California Department of Financial Institutions placed the $318 million Telesis into conservatorship March 24, and appointed NCUA as conservator.
The Chatsworth, Calif.-based credit union’s assets were purchased and assumed by the $1.3 billion Premier America Credit Union on June 1.
According to its March 2012 call report, Telesis had a nearly $4 million investment in CU Vehicles LLC, also known as Autoland, which it purchased in 2007 with two other credit unions. Telesis also had an aggregate cash outlay of $12.5 million and a $2.3 million loan to Autoland.
Telesis also was one of 17 credit union owners of CU Business Partners LLC, a business lending CUSO. As of March 31, Telesis had a $4.5 million investment in that organization.
Telesis had also invested in CO-OP Financial Services, Credit Union Direct Lending, Madison Development Corporation, and Marketing Partners Inc.
Premier America President/CEO John Merlo did not return calls requesting comment.