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OAKLAND, Calif. — Kaiperm Federal Credit Union here has lost $2.1 million in the first quarter of 2008 and has a return on assets of close to negative 9%, making for a troubled outlook for recovery in a down economy and slumping housing market. But Credit Union Times has learned that Alliant Credit Union, headquartered in Chicago, has offered a proposal to merge with Kaiperm.

The $96 million assets Kaiperm has 18,000 members, primarily employees of Kaiser Permanente, their family members and health plan members, some twenty or so select employee groups and several community groups. Alliant Credit Union is the eighth largest CU in the country with assets of $5.5 billion and 212,000 members.

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