Two California credit unions, one in conservatorship, merge

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

The National Credit Union Administration put Pomona Postal Federal Credit Union into conservatorship in early November and appointed itself as conservator. The merger took effect Jan. 1.

The agency said it worked to address issues affecting the credit union’s safety and soundness and ultimately determined that merging Pomona Postal into Credit Union of Southern California was in the best interests of its members.

Before the merger, Pomona Postal Federal Credit Union had slightly more than $4 million of assets and 717 members. The credit union primarily served employees of the United States Postal Service in and around Pomona.

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

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

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

Pomona Postal customers should experience no interruption in services, the NCUA said.