The NCUA said Friday night it has assumed conservatorship of the$318 million Telesis Community Credit Union in Chatsworth, Calif.,and liquidated the $17 million Saguache County Credit Union inMoffat, Colo.

News Updates:
March 26,2012: Telesis Business Loans Swimming in Red Ink
March 26,2012: Telesis Business Lending CUSO to Continue toOperate
March 26,2012: Community Banking Lobby Seizes on TelesisSeizure
March 26,2012: Telesis CEO Grace Mayo Called Innovator,Leader
March 26,2012: Telesis May Have Been Unprepared for NicheFluctuations
March 28,2012: Telesis Autoland CUSO to Continue toOperate
April 2,2012: Telesis Management Taken Over by PremierAmerica
May 7, 2012, Telesis Reports $13.8 Million First QuarterLoss

State-chartered, federally insured Telesis Community was placedinto conservatorship earlier in the day by the CaliforniaDepartment of Financial Institutions, which then appointed the NCUAas conservator, the agency said.

Telesis Community has lost money in recent years, including more than $11 million in2010, a year in which it paid its CEO, Grace Mayo, more than $2.1 million, according to the creditunion's IRS 990 forms.

In 2011, the credit union continued to struggle from defaulted,out-of-state commercial real estate loans but experienced someimprovement and a net loss of $4.6 million for the year.

Telesis Community was chartered in 1965 and serves more than36,700 members.

It is the third federally insurance credit union conserved sofar in 2012.

Meanwhile, the agency also liquidated its third credit union in2012 on Friday, selling the shares and other assets of theconserved $17 million Saguache County CU to the $135 million AventaCU in Colorado Springs, Colo.

The NCUA was appointed liquidating agent by the ColoradoDivision of Financial Services, which had determined the3,200-member credit union was insolvent with no prospect forrestoring viable operations.

Saguache County CU was chartered in 1996 and served peopleliving in Saguache County and those who lived in Rio Grande orAlamosa counties and belonged to a cooperative. It had beenconserved last July.

Also Friday evening, the NCUA said it had issued a prohibitionorder against Mary Carmen Hartley, a former employee of Mutual Diversified Employees Federal Credit Union, Santa Ana,Calif. The $6 million credit union was liquidated in March of 2010and its assets were purchased by SchoolsFirst FCU.

The order bans Hartley from participating in the affairs of afederally conserved credit union and the agency said it was issuedto avoid the time, cost and expense of administrativelitigation.