Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Premier CU buys Telesis after NCUA liquidation
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.
Other Resources

RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
10 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
12 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
12 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
12 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
13 hours ago