More than a year after co-parent Telesis Community Credit Union's financial woes pushed it into conservatorship, auto buying CUSO Autoland Inc. said it is looking forward to a fresh start.
Last Wednesday, the NCUA said Autoland in Chatsworth, Calif., had been purchased by the $2.4 billion Mission Federal Credit Union in San Diego.
"I believe the acquisition of Autoland by Mission Fed is an excellent opportunity for our organization, and I couldn't be more pleased," said Jeff Martin, president of Autoland. "This allows us to stay in the credit union family as a CUSO, with a strong strategic credit union as the majority owner of Autoland."
The regulator took control of Autoland after Telesis was placed in conservatorship by the California Department of Financial Institutions in March 2012. The NCUA was then appointed conservator.
Martin said Autoland, which serves more than 200 credit unions nationwide, has had a partnership with Mission Federal since 2002.
"We know each other well, share common core values and are aligned strategically. I'm looking forward to celebrating great success together," Martin offered.
Formed in 1971, Autoland became a credit union-owned entity in 2007 through Telesis and two other California cooperatives, the $3.2 billion Kinecta FCU in Manhattan Beach, Calif., and the $28 million California Agribusiness CU in Buena Park, Calif., through CU Vehicles LLC, a holding company owned by the credit unions.
The NCUA said Telesis subsequently sold minor interests in Autoland but retained a controlling interest.
Meanwhile, Autoland has continued to experience growth. In May, the CUSO reported a 17% increase in first-quarter sales and improvement in direct loan volume to its credit union partners by 21%.
Autoland also said 2012 was its most profitable year ever as the CUSO helped drive $93.2 million in loans to its credit union partners last year.
Telesis was liquidated on June 1, 2012, and its assets assumed by the $1.5 billion Premier America Credit Union in Chatsworth, Calif.
Telesis purchased Autoland in 2007 and subsequently sold minor interests, retaining a controlling interest, the NCUA said.
The California Department of Financial Institutions placed Telesis into conservatorship in March 2012, and appointed NCUA as conservator.
The California regulator liquidated Telesis the following May and appointed NCUA liquidating agent. Premier America Credit Union purchased and assumed Telesis' members, deposits, core facilities and consumer loans at that time. NCUA operated Autoland since conservatorship until the sale.
Founded in 1961, Mission FCU is a community-chartered credit union with more than 160,000 members, according to its most recent NCUA Call Report.
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