OAKLAND, Calif. — The ailing Kaiperm Federal Credit Union here, which lost $2.1 million in the first quarter of 2008 and has a return on assets of–8.888% may be merged with the $5.5 billion Alliant Credit Union, Chicago, Credit Union Times has learned.
Joe McGowean, director of marketing and member communications for Alliant Credit Union said that prospects for a merger were being considered and were still subject to further due diligence and discovery. "We are hopeful for a consummation of this deal because it will benefit both the members of Kaiperm and Alliant." He said he was not able to discuss further details but allowed that Alliant already has a considerable presence in the San Francisco area and in Colorado and Virginia as well.
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