Another American Credit Union hit’s the dust.

The Kaiser Lakeside Credit Union has been closed. If anyone who reads this has any stock in this company you may want to get out now before its too late if it isn’t’ already. With Kaiser Lakeside there was approximately 3,500 members and $24 million in assets. After the closure DFI( the California Department of Financial Institutions). The liquidation of Kaiser Lakeside Credit Union has been put in the hands of NCUA insured credit union based in Oakland, CA. Kaiser Lakeside was established in 1953 and became a state - chartered. The DFI supervises over 700 state financial institutions. The main purpose of the DFI is to administer state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers to travelers’ checks and payment instruments(money orders), and money transmitters. The DFI is responsible for all activities at credit unions in California.