Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
18 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
20 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
23 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
23 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago