Kaiser Lakeside CU Closed, Sold to SafeAmerica

Linda McGlasson • September 1, 2009 The Kaiser Lakeside Credit Union, Oakland, CA was shut by its state regulator, the California Department of Financial Institutions (DFI) on Tuesday. Its assets were sold to SafeAmerica Credit Union, of Pleasanton, CA.

At the time of its closing, Kaiser Lakeside had $24 million in assets and about 3,500 members. The members of Kaiser Lakeside will have no interruption of credit union service as SafeAmerica will continue operating Kaiser Lakeside's branch.

SafeAmerica Credit Union is state-chartered, $315 million credit union with 26,000 members via four retail and two employer sponsor branch locations. Kaiser Lakeside is the 11th credit union to close in 2009, bringing the total number of failed financial institutions thus far to 95 in 2009.

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About the Author

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.