Premier America Snaps Up Failed Telesis Credit Union

was liquidated this month. immediately purchased and assumed Telesis’s members, deposits, core facilities, and consumer loans, according to CUinsight.com.

Both were headquartered in Chatsworth.

Telesis was was the the sixth federally insured in 2012, according to DepositAccounts.com. With more than $300 million in assets, it's the largest credit union to be liquidated this year. Credit Union Times reports that "the credit union had sustained years of losses tied to losses in commercial lending, particularly participation loans."

The accounts of the new Premier America Credit Union members remain federally insured up to $250,000.

Like Telesis, Premier America is state-chartered credit union. It had $1.3 billion in assets and nearly 64,000 members before the purchase.

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