Many unanswered questions continued to swirl last week over the causes, fate and future course of the conserved $318 million Telesis Community Credit Union.

Telesis is now run under an April 2 NCUA management contract awarded the $1.3 billion Premier America Credit Union, which like Telesis is based in Chatsworth, Calif., a suburb north of  Los Angeles.

Much of the behind-the-scenes talk among CEOs and analysts in the Golden State, Washington and elsewhere centers on what soured Telesis' business loan portfolio for such a long period and the difficulties the NCUA must have had in finding new operators of a credit union experiencing such a losing streak stretching back to 2007.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.