Telesis Community Credit Union Purchased by Premier America Credit Union

Member Deposits Protected up to $250,000; Member Service Continues Uninterrupted

ALEXANDRIA, Va. (June 1, 2012) – The California Department of Financial Institutions placed Telesis Community Credit Union of Chatsworth, Calif., into liquidation today and appointed the National Credit Union Administration (NCUA) as liquidating agent. Premier America Credit Union of Chatsworth, Calif., immediately purchased and assumed Telesis Community Credit Union’s members, deposits, core facilities, and consumer loans.

The accounts of the new Premier America Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.

The new Premier America Credit Union members will experience no interruption in services. Premier America Credit Union is a federally insured, state-chartered credit union with $1.3 billion in assets and nearly 64,000 members before the purchase.

The California Department of Financial Institutions made the decision to liquidate Telesis Community Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase and assumption by Premier America Credit Union, Telesis Community Credit Union served approximately 37,600 members and had $301.3 million in assets.

Originally chartered in 1965, Telesis Community Credit Union’s field of membership at the time of liquidation included, among others, various employer groups and individuals who live, work, worship, or go to school in the San Fernando and Santa Clarita valleys or in Ventura County. Previously, the California Department of Financial Institutions placed Telesis Community Credit Union into conservatorship March 23, 2012.

Telesis Community Credit Union is the sixth federally insured credit union liquidation in 2012.

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago