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Telesis CUSO Shares Retained by NCUA

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...

By Heather Anderson | Updated on June 11, 2012

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 facilities and consumer loans from the regulator.

The NCUA retained Telesis’ CUSO shares, Public Affairs Specialist John Zimmerman told Credit Union Times. Zimmerman said he did not know what plans the agency has for the seized assets.

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