Wednesday, August 8, 2012

More on Failed Telesis Community CU

NCUA has not disclosed how costly the failure of Telesis Community Credit Union will be to the National Credit Union Share Insurance Fund (NCUSIF).

However according to information obtained from a Freedom of Information Act request, Premier America Credit Union purchased and assumed just $72,722,722.06 of Telesis Community's assets. The vast majority of the assets went to the estate, which retained (gross allowances) $205,737,359.83 in assets from Telesis Community Credit Union.

This means that the failure of Telesis Community could be quite costly to the NCUSIF. But it will ultimately depend on the prices the Asset Management Assistance Center can fetch for the loans and other assets.






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