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.

In a release, the California DFI said it made the decision to liquidate Telesis and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own. The DFI placed Telesis into conservatorship March 23. Telesis is the fifth federally insured credit union liquidation in 2012.