CHATSWORTH, Calif. – NCUA reported this afternoon that troubled Telesis Community CU had a loss of $13.6 million for the first quarter as its net worth deteriorated further from 4.6% at year-end 2011 to just 1.3% at March 31.
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The one-time $625 million credit union, which ran afoul of a big portfolio of troubled member business loans, reported assets of just $301 million at the end of the first quarter.
At the end of the first quarter Telesis had just $3.8 million in reserves and zero of undivided earnings, the two components of net worth for a credit union.
Telesis, taken under conservatorship by NCUA last month, has lost money for five straight years—a total of more than $64 million.
