The second credit union in less than a week was closed on August 31, 2009. The National Credit Union Administration (NCUA) was appointed liquidating agent of Kaiser Lakeside Credit Union of Oakland, California by the California Department of Financial Institutions.

NCUA has entered into an agreement with SafeAmerica Credit Union of Pleasanton, California, to purchase and assume some assets and liabilities of Kaiser Lakeside Credit Union. At the time of liquidation, Kaiser Lakeside Credit Union had approximately $24 million in assets and served over 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 Credit Union’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.