The so-called cleansing theory – that there are too many underperforming or heavily capitalized small or midsize credit unions that need to be merged by larger brethren – is coming in for fresh debate this summer.
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...
After years of losses from business lending, Telesis Community Credit Union was liquidated Friday and sold to Premier America Credit Union.
The Golden State’s credit unions may be nearing the end of their long journey to recovery. According to the California and Nevada Credit Union Leagues, California CUs made progress in 2011 in the areas of net income, net worth ratios, membership growth and loan performance.