Chatsworth credit union Premier America has taken over the management of Telesis Community Credit Union less than a week after that institution went into conservatorship.
The National Credit Union Administration contracted with Premier America on April 1 to handle the operations of Telesis, also headquartered in Chatsworth.
The California Department of Financial Institutions placed Telesis into conservatorship on March 23 following a period of continuous losses due to unpaid commercial real estate loans. Telesis suffered a 45 percent loss in its total assets in a three-year period.
Michael K. Mulhern, who the NCUA put in place as interim CEO of Telesis, is no longer involved with the institution, according to administration spokesman John Zimmerman.
Attempts to reach John Merlo, president of Premier America, were not successful.
Premier America, with total assets of $1.3 billion, has seven branches in Southern California and two in Texas. The institution has 64,000 members.
By comparison, Telesis has more than 37,600 members, branch locations in Canyon Country, Simi Valley and Westlake Village and employs 175 full-time workers.