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High Desert Federal Credit Union Closes

High Desert FCU Members Will Be Served by Alaska USA FCU; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (June 18, 2009) -- The National Credit Union Administration (NCUA) today accepted Alaska USA Federal Credit Union’s offer to purchase certain assets and assume the shares and certain liabilities of High Desert Federal Credit Union (High Desert) of Apple Valley, California. Alaska USA Federal Credit Union, headquartered in Anchorage, Alaska, will provide High Desert members with uninterrupted credit union service.

NCUA has been overseeing the operations of High Desert since October, 16, 2008, when the NCUA Board placed the credit union into conservatorship. The action was taken to protect member assets while addressing operational issues within High Desert. While ensuring safety and soundness, NCUA has been operating the credit union with the goal of continuing credit union service to members through a merger with or purchase by another credit union.

Alaska USA Federal Credit Union was chartered in 1948. It is a full service $3.9 billion federally chartered credit union with more than 350,000 members located throughout the United States. Alaska USA has 52 branches in Alaska and Washington and also serves its members through over 5,600 shared service center locations nationwide.

Founded in 1951, High Desert Federal Credit Union was originally chartered to serve George Air Force Base in Victorville, California, and now serves the residents of San Bernardino County, California. High Desert has assets of $102 million and serves over 11,000 members.


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"