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Telesis Credit Union fails, federal regulator takes over

March 23, 2012|By E. Scott Reckard
  • Regulators have taken over Telesis Community Credit Union of Chatsworth because its financial condition had deteriorated.
Regulators have taken over Telesis Community Credit Union of Chatsworth… (National Credit Union Administration )

Regulators have taken over the Telesis Community Credit Union in Chatsworth, saying in a statement that the state-chartered institution had deteriorated to the point where it could no longer operate independently.

Telesis will remain open under the conservatorship of the National Credit Union Administration, which insures its accounts for up to $250,000. Administered by NCUA, the national credit union insurance fund is backed by the credit of the federal government.

The California Department of Financial Institutions, which closed Telesis late Friday, said members would be able to conduct transactions such as depositing and withdrawing funds, paying existing loans and applying for new ones.

The membership of the 47-year-old credit union includes various employer groups and individuals who live, work or have other ties to the San Fernando Valley, Santa Clarita Valley or Ventura County.

With assets of $318.3 million, Telesis has more than 37,600 members.

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