POMONA, Calif. – Pomona Postal FCU has merged into Anaheim, Calif.-based Credit Union of Southern California (CU SoCal), according to NCUA, which has been operating the credit union under conservatorship since Nov. 5, 2021.
The $4.078-million Pomona Postal FCU has been losing money, reporting negative net income of $140,344 through Sept. 30, with net worth of just 3.31%.
In its statement announcing the merger, NCUA said the approximately 717 members of PPFCU should experience no interruption in services.
“The agency worked to address issues affecting the credit union’s safety and soundness,” NCUA said in a statement. “As conservator, the NCUA determined that merging Pomona Postal Federal Credit Union into Credit Union of Southern California was in the best interests of its members.”
Chartered in 1964, Pomona Postal Federal Credit Union primarily served employees of the United States Postal Service in and around Pomona, Calif.
CU SoCal’s most recent call report shows it has assets of $2.22 billion and nearly 130,000 members.