Kaiser Lakeside Credit Union Placed into Liquidation; SafeAmerica Credit Union
ALEXANDRIA, Va. (August 31, 2009) – The National Credit Union Administration (NCUA) today was appointed liquidating agent of Kaiser Lakeside Credit Union (Kaiser Lakeside) of Oakland, California by the California Department of Financial Institutions (DFI).
Immediately following appointment as liquidating agent of Kaiser Lakeside, NCUA entered into an agreement with SafeAmerica Credit Union (SafeAmerica) of Pleasanton, California, to purchase and assume certain assets and liabilities of Kaiser Lakeside. At the time of liquidation, Kaiser Lakeside had approximately $24 million in assets and served 3,500 members. Kaiser Lakeside was established in 1953 to serve the employees of Kaiser Industries and ultimately expanded to serve the residents of Alameda and Contra Costa counties.
Members of Kaiser Lakeside will experienced no interruption of credit union service during this process. SafeAmerica will continue operating Kaiser Lakeside’s branch and member accounts remain federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000.
SafeAmerica Credit Union is a state-chartered, federally insured institution chartered in 1953. It is a full service, $315 million credit union serving more than 26,000 members via four retail and two employer sponsor branch locations.
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 United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.