Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA says Telesis could cost NCUSIF $72M
WASHINGTON (1/10/13)--The mid-2012 liquidation of Telesis Community CU could create an estimated $72 million in National Credit Union Share Insurance Fund (NCUSIF) losses, according to the National Credit Union Administration (NCUA).

The Chatsworth, Calif. credit union had 37,600 members and held $301.3 million in assets, core facilities, and consumer loans when it was liquidated by the NCUA last June. The California Department of Financial Institutions took Telesis into conservatorship in March 2012. The conservatorship resulted from "many problems," including problems tied to a low net worth ratio, negative returns on average assets, high loan delinquencies and charge-offs, high operating expenses, and many foreclosed and repossessed assets, the NCUA said last year. The California economy also affected the credit union.

Premier America CU of Chatsworth, Calif., assumed the assets and members once held by Telesis in a purchase and assumption deal that was completed after the Telesis liquidation.

Since the start of the financial crisis, four times the number of banks than credit unions have failed.


RSS print
News Now LiveWire
#Bank disgust not only factor driving #creditunion millennial membership: Inc. http://t.co/sHnjhQwDKc
13 minutes ago
#NewsNow Regulator says large banks could face downsizing for ethics gaps http://t.co/B8SMd0RCNr
19 minutes ago
.@NJCUL is kicking off its annual Youth Involvement Board statewide scholarship program. http://t.co/oAGZXSm34r
22 minutes ago
#NewsNow NCUF honors Schumacher with Wegner award http://t.co/Ot3Mn9f50Z
25 minutes ago
60% of consumers willing to share personal identification information with financial institutions via @LexisNexis http://t.co/qFlyXJDCL8
29 minutes ago