Member business lending CUSO Business Partners LLC, founded by Telesis Community Credit Union, has entered a new phase with the announcement of new owners.
According to the Chatsworth, Calif.-based CUSO, the NCUA recently reached an agreement to sell the controlling interest to a managing partner group of three credit unions: $650 million Farmers Insurance Group Federal Credit Union in Los Angeles, $526 million Great Lakes Credit Union in North Chicago, Ill., and the $1.2 billion Public Service Credit Union in Denver.
Business Partners said it is owned by 16 credit unions nationwide. The three credit unions are the principal owners, the CUSO said.
"This move ensures that Business Partners will remain under the control of credit unions and will continue as a CUSO operating for the benefit of its owners and customer credit unions," Business Partners said. "Shareholders are pleased that the NCUA chose to sell and keep control within the credit union industry."
The CUSO said it will continue to specialize in all areas of member business lending, including loan origination, loan participation, servicing and quality control, while providing extraordinary service and dependability.
Business Partners said it has been audited and examined on a continuous basis to ensure safety and soundness. In addition to its California-based staff, the CUSO has four regional representatives who have been assigned strategically throughout the U.S. to work directly with credit unions to meet their member business loan volumes.
Founded by Telesis in 1995, as of March, Business Partners had servicing participation interests for approximately 180 primarily credit unions, according to the NCUA.
The NCUA previously said that the CUSO would continue to operate despite the financial troubles Telesis succumbed to earlier this year that led to its conservatorship and subsequent takeover by the $1.5 billion Premier America Credit Union, which is also based in Chatsworth.
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