The NCUA announced on April 2 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 Telesis's conservatorship. Both credit unions are based in Chatsworth, Calif.
The NCUA was named conservator of Telesis after the California Department of Financial Institutions took over the credit union March 23.
The troubles at Telesis arose as credit unions were making a big push for legislation to expand member business lending. Telesis' conservatorship also followed the business lending-related conservatorship of the once-$2 billion Texans Credit Union, which is running with a $60 million subordinated note.
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