The NCUA announced Monday evening that it has contracted with the $1.3 billion Premier America Credit Union to manage the assets of the $318 million Telesis Community Credit Union during the latter's conservatorship. Both credit unions are based in Chatsworth, Calif.
News Update: May 7, 2012, Telesis Reports $13.8 Million First Quarter Loss
The NCUA was named conservator of Telesis after the California Department of Financial Institutions took over the credit union March 23. The agency emphasized that the credit union remains open, operating business as usual to members, and deposits are insured up to $250,000.
The troubles at Telesis arose as credit unions are making a big push for legislation to expand member business lending. Telesis conservatorship also followed the business lending-related downfall of the once-$2 billion Texans Credit Union, which is running with a $60 million subordinated note.
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