Media Release

Kaiperm Federal Credit Union Liquidated; Members Now Served by Alliant Credit Union

September 29, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) announces today that Alliant Credit Union, of Chicago, Illinois, has purchased the assets and assumed all member shares of the recently liquidated Kaiperm Federal Credit Union of Oakland, California, 

These new Alliant Credit Union members will continue to receive convenient, uninterrupted service. Alliant Credit Union member accounts are insured up to at least $100,000 by the National Credit Union Share Insurance Fund (NCUSIF), an entity of the federal government operated by NCUA. Certain retirement accounts, such as IRA and KEOGH accounts, are insured up to $250,000.

Alliant Credit Union is a state-chartered, federally insured institution headquartered in Chicago, Illinois. Chartered in 1935 to serve employees of United Airlines, it is a full service, $5.7 billion credit union with more than 216,000 members located throughout the United States.  Alliant Credit Union has 10 service centers nationwide and no-fee ATM service at over 75,000 locations.  

NCUA made the decision to liquidate Kaiperm Federal Credit Union and discontinue its independent operation after determining the credit union was insolvent and has no prospects for restoring viable operations. At the time of liquidation, Kaiperm Federal Credit Union had approximately $91 million in assets and served 18,000 members.

NCUA chartered Kaiperm Federal Credit Union in 1957 to serve employees of Kaiser Foundation medical facilities in the East Bay area of Northern California. Over time, the field of membership expanded to include numerous select employee groups. Kaiperm Federal Credit Union is the 11th federally insured credit union closure that has taken place in 2008.

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of 89 million members in all federal credit unions and most state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars. 

- NCUA -