CHATSWORTH, Calif. – As a possible prelude to a merger, NCUA said last night it has contracted with Premier America CU to manage Telesis Community CU under conservatorship.
NCUA took over Telesis, the one-time $625 million credit union headquartered just miles away from the $1.3 billion Premier America, last week amid growing losses on Telesis’s member business loan portfolio.
NCUA typically hires an individual work-out specialist to manage credit unions under conservatorship but sometimes assigns the job to another credit union when a potential for merger exists.
Telesis, one of the biggest MBL credit unions in the country, reported more than $50 million of losses over the past five years and a decrease in assets all the way to $318 million at year-end 2011.
