Alliant Credit Union Acquires Kaiperm Federal Credit Union

10/02/2008

CHICAGO, IL (September 29, 2008)- The National Credit Union Administration (NCUA) has chosen the Alliant Credit Union, based in Chicago, Illinois, to purchase the assets of Kaiperm Federal Credit Union of Oakland, California. The purchase and assumption was completed on September 26, 2008.

Alliant is America's eighth largest credit union in asset size with over $5.5 billion in assets and over 212,000 members nationwide, including 25,000 members in the San Francisco/Oakland Bay area. Alliant's members include employees, family members and retirees of United Airlines and other select employee groups and qualifying communities.

Kaiperm's main sponsor was Kaiser Permanente, the largest integrated healthcare system in the United States. Through the acquisition Alliant will gain approximately 17,000 members with assets of $90 million. Kaiser Permanente employees, retirees and Kaiser Health Plan members in Northern California become potential members for Alliant.

"This is a win-win situation for both Alliant and Kaiperm," according to Alliant President & CEO David W. Mooney. "One of the many reasons this acquisition was so attractive is that it is consistent with our business model and strategy of providing financial benefit solutions to mid-size and large corporations. Additionally, we will realize increased scale which will reduce unit costs, strengthening Alliant's cost advantage and further enhancing our financial value proposition. And we will increase our presence and access for our members in Northern California as we gain a Service Center location in Oakland."

"We're confident a combined institution will attract many new Alliant members among employees of Kaiser Permanente and Permanente Medical Group and members of the Kaiser Health Plan". Mooney added, "And, Kaiperm members will gain access to the 'Alliant Advantage', our everyday great rates and exceptional service." 
"Alliant is a well-capitalized institution with over $625 million in capital reserves. The addition of Kaiperm will have little impact on our financial operation. Kaiperm will add $90 million in assets to Alliant, representing about 1.6% of our total assets, and less than 12% of our asset growth this year. And, Kaiperm will bring approximately $86 million in loans to Alliant's existing portfolio of $3 billion - or less than 3%" Mooney said.
To facilitate the transition Alliant will begin onsite visits at Kaiser Permanente facilities throughout Northern California and will participate in annual benefit enrollment fairs, in addition to creating a custom website for Kaiperm members.

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About Alliant...
Alliant Credit Union, founded in 1935, is an Illinois-chartered credit union, and as such, is under the supervision of the Illinois Department of Financial and Professional Regulation. Alliant is an equal housing lender and federally insured by the National Credit Union Share Insurance Fund, which is administered by the National Credit Union Administration, an independent agency of the U.S. Government.

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© 2008 Alliant Credit Union. All Rights Reserved.