In March 2012, the NCUA approved an NCUSIF-guaranteed line of credit for $73
million. Shortly thereafter, the NCUA authorized a temporary Cease and Desist
Order and subsequently the California DFI placed the Credit Union under the
conservatorship of the NCUA. On June 1, 2012, the California DFI placed Telesis
into liquidation and appointed the NCUA as liquidating agent. Premier America
Credit Union (Premier) of Chatsworth, California immediately purchased and
assumed Telesis’ members, deposits, core facilities, and consumer loans. NCUA
estimated the loss to the NCUSIF at approximately $77 million; however, NCUA will
not know the final cost until all assets are sold.
In March 2012, the NCUA approved an NCUSIF-guaranteed line of credit for $73million. Shortly thereafter, the NCUA authorized a temporary Cease and DesistOrder and subsequently the California DFI placed the Credit Union under theconservatorship of the NCUA. On June 1, 2012, the California DFI placed Telesisinto liquidation and appointed the NCUA as liquidating agent. Premier AmericaCredit Union (Premier) of Chatsworth, California immediately purchased andassumed Telesis’ members, deposits, core facilities, and consumer loans. NCUAestimated the loss to the NCUSIF at approximately $77 million; however, NCUA willnot know the final cost until all assets are sold.
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