Reduction in overhead costs cited as largest contributor to CUSO's recent performance post-Telesis.
The NCUSIF has taken an estimated hit of $72 million due to the failure of Telesis Community Credit Union, NCUA Public Affairs Specialist John Fairbanks said Tuesday.
NCUA says $177 million also put into Premier America purchase and assumption deal for failed credit union's leftovers.
The NCUA announced on April 2 that it has contracted with the $1.3 billion Premier America Credit Union to manage the assets of the $318 million Telesis Community Credit Union during Telesis’s conservatorship. Both credit unions are based in Chatsworth, Calif.
Three credit unions form managing partner group to lead ownership of member business lending CUSO.