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Oakland Municipal is first CU closing of 2011
ALEXANDRIA, Va. (2/7/11)—On Friday, the National Credit Union Administration (NCUA) was appointed liquidating agent of Oakland Municipal Credit Union, of Oakland, Calif., by the state’s Department of Financial Institutions (DFI). It was the first liquidation of a federally insured credit union in 2011. Western Federal Credit Union, of Manhattan Beach, immediately purchased and assumed Oakland Municipal’s assets, liabilities and members. At closure, Oakland Municipal had approximately $88 million in assets and served 7,800 members. The credit union was established in 1964 to serve employees of Oakland area federal, state, and local government. Former members of the closed credit union will experience no interruption in credit union service as they become member new members of Western Federal. The $1.5 billion-asset, full service Manhattan Beach credit union has 148,000 members. It will continue to serve members of Oakland Municipal at the existing branch office located at 150 Frank H. Ogawa Place. At closure, Oakland Municipal had approximately $88 million in assets and served 7,800 members. The credit union was established in 1964 to serve employees of Oakland area federal, state, and local government.


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