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June 4, 2012 – NCUA said Telesis Community CU of Chatsworth, Calif., was liquidated Friday and that its members, deposits, core facilities and consumer loans were assumed by Premier America CU.

The state-chartered, federally insured institution had been in conservatorship since March 23.

Premier America CU is a federally insured, state-chartered credit union. It had $1.3 billion in assets and nearly 64,000 members before Friday's purchase of Telesis Community CU.

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, Telesis served about 37,600 members and $301.3 million in assets. The credit union was chartered in 1965. It is the fifth federally insured credit union liquidated this year, NCUA said.