Three credit unions have taken a controlling interest in the small business and commercial real estate loan subsidiary of the shuttered Telesis Community Credit Union.
Business Partners LLC, based in Chatsworth, is now under the principal ownership of Farmers Insurance Group Federal Credit Union of California, Great Lakes Credit Union of Illinois, and Public Service Credit Union of Colorado. There are 13 other credit unions that have also invested in Business Partners.
Business Partners had been under the controlling ownership of Telesis, the Chatsworth-based credit union that was dissolved in June by the California Department of Financial Institutions and the National Credit Union Association. Most of Telesis’s assets were acquired by Premier America Credit Union, also based in Chatsworth.
Business Partners specializes in member business lending, including loan origination, loan participation, servicing and quality control.