The NCUA said Wednesday that the $2.4 billion Mission FederalCredit Union in San Diego has purchased Autoland, a nationalcar-buying service provider.
|Founded in 1971, Autoland is a CUSO based in Chatsworth, Calif., serving morethan 200 credit unions nationwide.
|Founded in 1961, Mission FCU is a community-chartered creditunion with more than 160,000 members and assets of $2.4 billion,according to its most recent NCUA Call Report.
|The NCUA said it now has completed the sale of its interest inAutoland as liquidating agent of the former Telesis Community Credit Union in Chatsworth, Calif.
|Telesis purchased Autoland in 2007 and subsequently sold minorinterests, retaining a controlling interest, the NCUA said.
|The California Department of Financial Institutions placedTelesis into conservatorship in March 2012, and appointed the NCUAas conservator.
|The California regulator liquidated Telesis the following Mayand appointed NCUA liquidating agent. Premier America Credit Unionpurchased and assumed Telesis' members, deposits, core facilitiesand consumer loans at that time. The NCUA had operated Autolandsince conservatorship until Wednesday's sale.
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