Safe-America Purchasing Assets of Troubled Kaiser-Lakeside

SafeAmerica Credit Union of Pleasanton, Calif. will purchase the assets of Kaiser-Lakeside Credit Union of Oakland, Calif. following the decision of California regulators to close Kaiser-Lakeside and name the NCUA liquidating agent for it.

By Claude R. Marx | August 31, 2009 at 08:00 PM

SafeAmerica Credit Union of Pleasanton, Calif. will purchase the assets of Kaiser-Lakeside Credit Union of Oakland, Calif. following the decision of California regulators to close Kaiser-Lakeside and name the NCUA liquidating agent for it.

According to its latest filing with the NCUA, Kaiser-Lakeside, which had $24 million in assets, lost $571,248 during the second quarter of 2009. The value of its real estate loans fell 7.8% and its unsecured loans declined 3.4%. The value of its equity fell 3.8%. Its non-operating income fell 352.6%.

SafeAmerica, which was founded in 1953, has $315 million in assets and 26,900 members.

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Kaiser-Lakeside, which was founded in 1953, had 3,500 members.

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