OAKLAND, Calif. – NCUA last night it and state regulators took over troubled Kaiser Lakeside FCU and assigned the remnants of the one-time $45 million credit union to SafeAmerica CU, a $315 million institution nearby Pleasanton, Calif., the latest in a growing list of failed credit unions in California.
Kaiser Lakeside had just $24 million in assets by the time it was seized by NCUA. It reported a mid-year loss of $571,248 and net worth of less than 4%.
It is the 13th credit union failure so far this year and follows recent California failures of Watts United CU, American River HealthPro CU, Valley CU, Kaiperm FCU, Sterlent CU, High Desert FCU, Cal State 9 CU and Golden Bay FCU.
Kaiser Lakeside was chartered in 1953 to serve the employees of Kaiser Industries and over the years expanded to serve the residents of Alameda and Contra Costa counties.
