The California Department of Financial Institutions liquidated the $301 million Telesis Community Credit Union of Chatsworth, Calif., June 1 and appointed the NCUA as liquidating agent. The $1.3 billion Premier America Credit Union of Chatsworth, Calif., which had been managing Telesis since mid-April, purchased and assumed Telesis’ members, deposits, core...
Vehicle buying CUSO Autoland Inc. said its first quarter earnings included a 16% sales increase over the same period last year.
The NCUA has retained the liquidated Telesis Community Credit Union’s CUSO shares, an agency spokesman said, but he did not know its future plans.
After years of losses from business lending, Telesis Community Credit Union was liquidated Friday and sold to Premier America Credit Union.
Conserved California credit union continues five-year string of losses.
Many unanswered questions continued to swirl last week over the causes, fate and future course of the conserved $318 million Telesis Community Credit Union.
The $1.3 billion Premier America Credit Union has contracted with the NCUA to manage the assets of the seized $318 million Telesis Community Credit Union. Both credit unions are based in Chatsworth, Calif.
The NCUA announced Monday evening that the $1.3 billion Premier America CU would take over management of $318 million Telesis Community CU.
After years on a regulatory watch list, NCUA and the California Department of Financial Institutions finally pulled the plug last week on the $318 million Telesis Community Credit Union, placing the Los Angeles-based credit union into conservatorship. The NCUA was appointed conservator, ending a troubled saga.
Since at least 2010, Telesis Community Credit Union’s member business loan program has been in a downward spiral.