Telesis Community Credit Union, is the third federally insured credit union placed into conservatorship during 2012. The $1.1 billion Public Service Employees Credit Union who’s CEO was paid more than $9.8 million for his work in 2010, has been appointed the National Credit Union Administration (NCUA) as conservator.
The California Department of Financial Institutions today placed Telesis Community Credit Union into conservatorship and immediately appointed the National Credit Union Administration (NCUA) as conservator. Telesis Community Credit Union is a state-chartered, federally insured credit union headquartered in Chatsworth, Calif.
Deposits at Telesis Community Credit Union are protected by NCUA up to $250,000. Administered by NCUA, the National Credit Union Share Insurance Fund has the backing of the full faith and credit of the U.S. Government.
The state placed Telesis Community Credit Union into conservatorship due to a declining financial condition. During the conservatorship, service to Telesis Community Credit Union’s members will continue without interruption, and members can continue to conduct normal financial transactions.
Originally chartered in 1965, Telesis Community Credit Union’s field of membership currently includes, 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. With assets reported at $318.3 million in the latest Call Report, Telesis Community Credit Union has more than 37,600 members.
The Federal Credit Union Act authorizes the NCUA Board to accept appointment as conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the National Credit Union Share Insurance Fund. Telesis Community Credit Union is the third federally insured credit union placed into conservatorship during 2012.
Members who have questions about the conservatorship may review the Telesis Community Credit Union Frequently Asked Questions document attached to this release.