A $24 million-asset California credit union has been seized.
The National Credit Union Administration took over the failed Kaiser Lakeside Federal Credit Union in Oakland late Monday and assigned its remnants to the $315 million-asset SafeAmerica Credit Union in nearby Pleasanton.
Kaiser Lakeside reported a loss of $571,248 at midyear and net worth of less than 4%.
It was the 13th credit union to fail this year. More than half the failures have been in California.
The Oakland institution was chartered in 1953 for the employees of Kaiser Industries, but it expanded over the years to serve Alameda and Contra Costa counties' residents.
