The California Department of Financial Institutions placed Telesis Community Credit Union of Chatsworth, Calif., into liquidation today and appointed the National Credit Union Administration (NCUA) as liquidating agent. Premier America Credit Union of Chatsworth, Calif., immediately purchased and assumed Telesis Community Credit Union’s members, deposits, core facilities, and consumer loans.
The California Department of Financial Institutions decided to liquidate Telesis Community Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own. Telesis Community's financial difficulties arose from commercial real estate loans that had gone bad.
The California Department of Financial Institutions had placed Telesis Community Credit Union into conservatorship March 23, 2012.
At the time of liquidation and subsequent purchase and assumption by Premier America Credit Union, Telesis Community Credit Union served approximately 37,600 members and had $301.3 million in assets.
Telesis Community Credit Union is the fifth federally insured credit union liquidation in 2012.
Read the press release.
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