The NCUSIF has taken an estimated hit of $72 million due to the failure of Telesis Community Credit Union, NCUA Public Affairs Specialist John Fairbanks said Tuesday.
The NCUA assumed $205 million worth of Telesis assets after the California Department of Financial Institutions seized the failed Chatsworth, Calif., credit union on March 24, 2012, and named the NCUA liquidating agent. Of that total, $162 million were loans, with the majority being business loans serviced by Telesis CUSO Business Partners.
The NCUA also assumed $22 million worth of real estate and $21 million in other assets from Telesis, which had $301 million in assets at the time of liquidation June 1.
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