ALEXANDRIA, Va. (6/4/12)--Premier America CU of Chatsworth, Calif., on Friday purchased and assumed the assets of close neighbor Telesis Community CU after Telesis was liquidated by the National Credit Union Administration (NCUA).
The California Department of Financial Institutions placed Telesis into liquidation, and appointed the NCUA as liquidating agent, on Friday. Telesis was taken under conservatorship by its state regulator on March 23.
The credit union was liquidated after California credit union authorities determined it was insolvent, and could not return to operational status.
Premier currently holds $1.3 billion in assets from 64,000 members.
Premier will assume the 37,600 members and $301.3 million in assets, core facilities, and consumer loans once held by Telesis, and the NCUA noted that member shares will remain fully insured to the maximum National Credit Union Share Insurance Fund amount of $250,000.
The NCUA last week also approved the merger of Montana First CU and Horizon CU.
CUNA News Now will have more on this and other approved mergers in a roundup story this week.