State Orders Closure and Liquidation ofKaiser Lakeside Credit Union

SAN FRANCISCO--(Business Wire)--
The California Department of Financial Institutions (DFI) today announced the
closure and liquidation of Kaiser Lakeside Credit Union (Kaiser Lakeside).

Kaiser Lakeside had approximately $24 million in assets and 3,500 members.

Immediately following the closure, DFI appointed the National Credit Union
Administration (NCUA) as Liquidating Agent.

Immediately following the appointment by DFI as the liquidator of Kaiser
Lakeside, the NCUA entered into an agreement with SafeAmerica Credit Union
(SafeAmerica) based in Pleasanton, CA, to purchase and assume certain assets and
liabilities of Kaiser Lakeside.

Members of Kaiser Lakeside will experience no interruption of service as their
credit union was purchased by SafeAmerica.

Kaiser Lakeside was a state-chartered, NCUA-insured credit union based in
Oakland, CA. Kaiser Lakeside was established in 1953 to serve the employees of
Kaiser Industries and over the years expanded to serve the residents of Alameda
and Contra Costa counties.

Credit Union member funds are federally insured up to at least $250,000 by the
National Credit Union Share Insurance Fund (NCUSIF).

The NCUA will announce their acceptance as Liquidating Agent of Kaiser Lakeside
in a press release, which will be available on their Web site at www.ncua.gov.

DFI supervises over 700 state financial institutions. Maintaining the integrity
of financial services remains the primary mission of the Department. The DFI is
responsible for administering state laws regulating state-licensed financial
institutions: banks, credit unions, industrial banks, trust companies, offices
of foreign banks, issuers of travelers` checks and payment instruments (money
orders), and money transmitters. In addition to posting information about
licensees, the DFI Web site features consumer information on a variety of
financial topics and DFI consumer information brochures available in seven
languages.

The Department reports to Dale E. Bonner, Secretary of the Business,
Transportation and Housing Agency and Governor Arnold Schwarzenegger.

California Department of Financial Institutions
Alana Golden, 916-323-7012 or 916-322-5966
Public Information Officer
DFI Web site: www.dfi.ca.gov

Copyright Business Wire 2009