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
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 Day ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
1 Day ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago