The California Department of Financial Institutions placed the $301 million Telesis Community Credit Union of Chatsworth, Calif., into liquidation on Friday and appointed the NCUA as liquidating agent.
The $1.3 billion Premier America Credit Union, also of Chatsworth, Calif., immediately purchased and assumed Telesis' members, deposits, core facilities, and consumer loans.
The California DFI made the decision to liquidate Telesis and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own.
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