Member business lending CUSO Business Partners LLC, founded by Telesis Community Credit Union, has entered a new phase with the announcement of new owners.
According to the Chatsworth, Calif.-based CUSO, the NCUA recently reached an agreement to sell the controlling interest to a managing partner group of three credit unions: $650 million Farmers Insurance Group Federal Credit Union in Los Angeles, $526 million Great Lakes Credit Union in North Chicago, Ill., and the $1.2 billion Public Service Credit Union in Denver.
Business Partners said it is owned by 16 credit unions nationwide. The three credit unions are the principal owners, the CUSO said.
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