Mail merge

Two California credit unions, including one under trusteeship, merge | Credit Union Journal

The Pomona Postal Federal Credit Union of Pomona, California merged with the Credit Union of Southern California in Anaheim.

The National Credit Union Administration placed the Pomona Postal Federal Credit Union in guardianship early November and appointed himself curator. The merger took effect on January 1.

The agency said it was working to resolve issues affecting the safety and soundness of the credit union and ultimately determined that merging Pomona Postal with the Credit Union of Southern California was in the best interests of its members.

Prior to the merger, Pomona Postal Federal Credit Union had just over $4 million in assets and 717 members. The credit union primarily served United States Postal Service employees in and around Pomona.

Credit Union of Southern California has $2.2 billion in assets and nearly 130,000 members.

Pomona Postal FCU lost about $140,000 in the first nine months of 2021, after losing about $4,000 a year earlier, according to NCUA appeal report data.

The Credit Union of Southern California earned $17.2 million in the first nine months of 2021, a 14% increase from a year earlier, according to call report data.

Pomona Postal customers should not experience any service disruptions, the NCUA said.