Ailing Inland Empire CU To Be Acquired By Credit Union Of Southern California
WHITTIER, Calif. – Credit Union of Southern California on Monday announced it has agreed to acquire ailing Inland Empire CU, a one-time $50 million institution in nearby Pomona.
Inland Empire CU reported a $275,000 loss for the first quarter, following losses of $570,000 and $1.1 million for 2010 and 2009, respectively. Its assets declined to $39 million at March 31. Net worth is still strong at 8.7%. The credit union was chartered in 1937 to serve employees of General Telephone, and now serves the communities of Pomona, Chino, Chino Hills, Ontario, San Dimas, La Verne, Diamond Bar, Claremont and San Bernardino.
Credit Union of SoCal, formerly Whittier Area Schools FCU, has assets of $600 million and had strong earnings of $2.6 million for the first quarter and net worth of more than 10%.