Telesis Community Credit Union has been placed under the conservatorship of the National Credit Union Administration due to its declining financial condition, the California Department of Financial Institutions announced.
The Chatsworth-based institution was ranked as undercapitalized in the required call report filed at the end of 2011. Telesis had a net worth of $17.5 million and total assets of $318.3 million.
At the end of 2010, Telesis had a net worth of $26.7 million and ranked in the call report as adequately capitalized.
In addition to the Chatsworth headquarters, Telesis has branches in Canyon Country, Simi Valley and Westlake Village. The credit union employs 175 full-time workers and has more than 37,600 members.
During the conservatorship, Telesis members will be able to conduct financial transactions. Deposits are protected by the NCUA up to $250,000.
Telesis is the third federally-insured credit union placed into conservatorship during 2012.
Mark R. Madler