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News Now

Washington
SafeAmerica CU to take on liquidated Kaiser Lakesides members assets
ALEXANDRIA, Va. (9/2/09)--Oakland, Calif.-based Kaiser Lakeside CU early this week was acquired by SafeAmerica CU following a National Credit Union Administration (NCUA)-directed liquidation of the firm. According to an NCUA release, Pleasanton, Calif.’s SafeAmerica will assume the $24 million in assets and 3,500 members left behind by Kaiser Lakeside’s failure. SafeAmerica, which holds $315 million in assets from over 26,000 members, will now serve the former members of Kaiser Lakeside. Seven federally insured credit unions have liquidated and a further seven have merged with assistance as of August of 2009, an NCUA staffer told News Now. A total of 84 individual banks have failed during this calendar year, according to information available on the Federal Deposit Insurance Corporation’s Web site.
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