Press Releases Press Releases

PRESS RELEASE 09-12
August 31, 2009
Contact: Alana Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966
www.dfi.ca.gov

State Orders Closure and Liquidation of Kaiser Lakeside Credit Union

(San Francisco, CA) - The California Department of Financial Institutions (DFI) today announced the closure and liquidation of Kaiser Lakeside Credit Union (Kaiser Lakeside).

Kaiser Lakeside had approximately $24 million in assets and 3,500 members.

Immediately following the closure, DFI appointed the National Credit Union Administration (NCUA) as Liquidating Agent.

Immediately following the appointment by DFI as the liquidator of Kaiser Lakeside, the NCUA entered into an agreement with SafeAmerica Credit Union (SafeAmerica) based in Pleasanton, CA, to purchase and assume certain assets and liabilities of Kaiser Lakeside.

Members of Kaiser Lakeside will experience no interruption of service as their credit union was purchased by SafeAmerica.

Kaiser Lakeside was a state-chartered, NCUA-insured credit union based in Oakland, CA. Kaiser Lakeside was established in 1953 to serve the employees of Kaiser Industries and over the years expanded to serve the residents of Alameda and Contra Costa counties.

Credit Union member funds are federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF).

The NCUA will announce their acceptance as Liquidating Agent of Kaiser Lakeside in a press release, which will be available on their Web site at www.ncua.gov.

DFI supervises over 700 state financial institutions. Maintaining the integrity of financial services remains the primary mission of the Department. The DFI is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers' checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer information on a variety of financial topics and DFI consumer information brochures available in seven languages.

The Department reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.

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