Premier America Takes Over Failed Telesis Credit Union

Less than a week after failed and went into conservatorship, Chatsworth credit union has taken over  management, according to the San Fernando Valley Business Journal.

"The contracted with Premier America on April 1 to handle the operations of Telesis, also headquartered in Chatsworth," the Journal reported.

in its assets in three years due to unpaid commercial real estate loans.

Premier America, with 64,000 members and assets of $1.3 billion, has seven branches in Southern California and two in Texas. Telesis has only 37,600 members, with branches in Chatsworth, Canyon Country, Simi Valley and Westlake Village, according to the Journal.

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