The California Department of Financial Institutions (DFI) has ordered the closure and liquidation of Kaiser Lakeside Credit Union (Kaiser Lakeside). The credit union had approximately $24 million in assets and 3,500 members.
Immediately following the closure, DFI has appointed the National Credit Union Administration (NCUA) as liquidating agent. The NCUA entered into an agreement with SafeAmerica Credit Union (SafeAmerica) to purchase and assume certain assets and liabilities of Kaiser Lakeside.
According to DFI, members of Kaiser Lakeside will experience no interruption of service as their credit union was purchased by SafeAmerica. DFI claims that credit union member funds are federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF).
