ALEXANDRIA, Va. — Last week, the National Credit Union
Administration announced that Mission Federal Credit Union of San Diego
purchased Autoland, a national vehicle-buying service provider.

Autoland, founded in 1971, is a credit union service
organization (CUSO) based in Chatsworth, Calif., that serves more than 200
credit unions nationwide.

Founded in 1961, Mission is a community-chartered credit
union with more than 160,000 members and assets of $2.4 billion, according to
its most recent Call Report.

NCUA completed the sale of its interest in Autoland as
liquidating agent of the former Telesis Community Credit Union. Telesis
purchased Autoland in 2007 and subsequently sold minor interests, retaining a
controlling interest.

The California Department of Financial Institutions placed
Telesis into conservatorship in March of last year, and appointed NCUA as
conservator. The California regulator liquidated Telesis the following May and
appointed NCUA liquidating agent.

Premier America Credit Union purchased and assumed Telesis'
members, deposits, core facilities and consumer loans at that time.

NCUA operated Autoland since conservatorship until last week's
sale.

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