The NCUA has clarified that Autoland Inc., the auto buying CUSO co-owned by Telesis Community Credit Union, will continue to operate.
News Update, April 2, 2012, Telesis Management Taken Over By Premier America
“There is no change or consideration of a change in Autoland's position or status with the credit union with NCUA as the conservator,” said John Zimmerman, NCUA public affairs specialist.
The NCUA previously said a decision had not been made concerning Telesis' stake in Autoland.
Formed in 1971, Autoland became a credit union-owned entity in 2007 through Telesis, and two other California cooperatives, Kinecta FCU and California Agribusiness CU, through CU Vehicles LLC, a holding company owned by the credit unions.
As of December 2011, Telesis had $3.8 million invested in and an aggregate cash outlay of $12.5 million in CU Vehicles. The credit union loaned nearly $2.3 million to the CUSO.
The $318 million Telesis was placed under conservatorship by the California Department of Financial Institutions on Friday. The NCUA was named the credit union's conservator.
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