Telesis Community Credit Union Placed into Liquidation

SAN FRANCISCO, CA (June 1, 2012) – The California Department of Financial Institutions (DFI) today announced that Telesis Community Credit Union (Telesis) has been placed into liquidation. Telesis is a federally insured, state-chartered credit union based in Chatsworth, Calif. Telesis had been in conservatorship since March 23, 2012, and the National Credit Union Administration (NCUA) had been acting as conservator of Telesis.

The DFI appointed the NCUA as liquidating agent of Telesis. The NCUA has arranged the transfer of Telesis member share accounts to Premier America Credit Union.

Member share accounts continue to be protected by the National Credit Union Share Insurance Fund up to $250,000.

Credit union members will experience no interruption in services and members can continue to conduct normal financial transactions. Members with questions about their insurance coverage can contact the NCUA’s Customer Assistance Center at 1-800-755-1030, Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern time.

NCUA’s press release regarding its appointment as liquidator and additional details, including Frequently Asked Questions will be available on their Website at www.ncua.gov.

The DFI oversees the secure operation of California’s state-chartered financial institutions. California’s financial institutions are symbols of safety and soundness. Protecting and serving California’s citizens through effective regulation and supervision remains the primary mission of the DFI. DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the Department and its licensees, DFI’s Website features consumer tips on a variety of financial topics and consumer brochures in seven languages.

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