More than a year after co-parentTelesis Community Credit Union's financial woes pushed it intoconservatorship, auto buying CUSO Autoland Inc. said it is lookingforward to a fresh start.

On Wednesday, the NCUA said Autoland in Chatsworth, Calif.,had been purchased by the $2.4 billion Mission Federal CreditUnion in San Diego.

“I believe the acquisition of Autoland by Mission Fed is anexcellent opportunity for our organization, and I couldn't be morepleased,” said Jeff Martin, president of Autoland. “This allows usto stay in the credit union family as a CUSO, with a strongstrategic credit union as the majority owner of Autoland.”

The regulator took control of Autoland after Telesis was placed in conservatorship by the CaliforniaDepartment of Financial Institutions in March 2012. The NCUA wasthen appointed conservator.

Martin said Autoland, which serves more than 200 credit unionsnationwide, has had a partnership with Mission Federal since2002.

“We know each other well, share common core values and arealigned strategically. I'm looking forward to celebratinggreat success together,” Martin offered.

Formed in 1971, Autoland became a credit union-owned entity in2007 through Telesis and two other California cooperatives, the$3.2 billion Kinecta FCU in Manhattan Beach, Calif., and the $28million California Agribusiness CU in Buena Park, Calif., throughCU Vehicles LLC, a holding company owned by the credit unions.

The NCUA said Telesis subsequently sold minor interests inAutoland but retained a controlling interest.

Meanwhile, Autoland has continued to experience growth. In May,the CUSO reported a 17% increase in first quarter sales andimprovement in direct loan volume to its credit union partners by21%.

Autoland also said 2012 was its most profitable year ever as the CUSO helped drive $93.2 million inloans to its credit union partners last year.

Telesis was liquidated on June 1, 2012, and its assets assumedby the $1.5 billion Premier America Credit Union in Chatsworth, Calif.