Pomona Postal Federal Credit Union merged with the Credit Union of Southern California on Jan. 1, the National Credit Union Administration announced Monday.
Pomona Postal is located in Pomona, Calif.; the Credit Union of Southern California is located in Anaheim, Calif.
In November, the NCUA had placed the Pomona credit union into conservatorship and appointed itself as the conservator. While the NCUA worked to address issues affecting the credit union’s safety and soundness, agency officials decided that the merger was in the best interests of the members. The NCUA did not provide details about what caused financial issues at the credit union.
Before the merger, the Pomona credit union had assets of $4.8 million and had 717 members, according to its most recent Call Report. Chartered in 1964, the credit union primarily served employees of the United States Postal Service in and around Pomona.
The Credit Union of Southern California is a federally insured, state-chartered credit union with 129,617 members and $2.2 billion in assets, according to its most recent Call Report. It was founded in 1954 as Whittier Schools Federal Credit Union and membership is open to people who live, work, worship or attend school in Los Angeles, Orange, San Bernadino or Riverside counties.