The NCUA announced Monday evening that it has contracted withthe $1.3 billion Premier America Credit Union to manage the assetsof the $318 million Telesis Community Credit Union during the latter'sconservatorship. Both credit unions are based in Chatsworth,Calif.
|News Update: May 7, 2012, Telesis Reports $13.8 Million First QuarterLoss
|The NCUA was named conservator of Telesis after the California Department of FinancialInstitutions took over the credit union March 23. The agencyemphasized that the credit union remains open, operating businessas usual to members, and deposits are insured up to $250,000.
|The troubles at Telesis arose as credit unions are making a bigpush for legislation to expand member business lending. Telesisconservatorship also followed the business lending-related downfallof the once-$2 billion Texans Credit Union, which is running with a $60 millionsubordinated note.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
