Telesis Community Credit Union of Chatsworth, CA, was liquidated and taken over on June 1, 2012, making it the fifth federally insured credit union liquidation in 2012.
Premier America Credit Union of Chatsworth, Calif., immediately purchased and assumed Telesis Community Credit Union’s members, deposits, core facilities, and consumer loans.
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.