February 2011
Oakland Municipal Credit Union Closes
Members Now Served by Western Federal Credit Union
ALEXANDRIA, Va. (February 4, 2011) -- The National Credit Union Administration (NCUA) today was appointed liquidating agent of Oakland Municipal Credit Union of Oakland, by the California Department of Financial Institutions (DFI); and Western Federal Credit Union of Manhattan Beach, California, immediately purchased and assumed Oakland Municipal’s assets, liabilities and members.
The new Western Federal Credit Union members will experience no interruption in credit union service, and their accounts remain federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Western Federal Credit Union is a large, full service institution with $1.5 billion in assets and 148,000 members. Western Federal Credit Union will continue to serve members of Oakland Municipal Credit Union at the existing branch office located at 150 Frank H. Ogawa Place.
At closure, Oakland Municipal had approximately $88 million in assets and served 7,800 members. The credit union was established in 1964 to serve employees of Oakland area federal, state, and local government. This is the first federally insured credit union liquidation in 2011.