The Pomona Postal Federal Credit Union has merged into the Anaheim-based Credit Union of Southern California, effective Jan. 1, the National Credit Union Administration (NCUA) announced.
The new Credit Union of Southern California members should experience no interruption in services. New members can also transact business at Credit Union of Southern California’s branches and get information about Credit Union of Southern California’s rates, services, and branch locations on the Credit Union of Southern California website.
Further, deposits remain protected by the National Credit Union Share Insurance Fund, administered by the NCUA. The Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. In addition, the fund separately protects IRA and KEOGH retirement accounts up to $250,000 and has the backing of the full faith and credit of the United States.
Members may learn more about the Share Insurance Fund at MyCreditUnion.gov. They can also contact the NCUA’s Consumer Assistance Center.
Before the merger, Pomona Postal Federal Credit Union, chartered in 1964, had assets of $4.08 million and 717 members. Pomona Postal Federal Credit Union primarily served employees of the United States Postal Service in and around Pomona, California.
On Nov. 5, 2021, the NCUA placed Pomona Postal Federal Credit Union into conservatorship and appointed themselves as conservator. NCUA worked to address issues affecting the credit union’s safety and soundness and determined that merging Pomona Postal Federal Credit Union into Credit Union of Southern California was in the best interests of its members.
The Credit Union of Southern California is a federally insured, state-chartered credit union with assets of $2.22 billion and 129,617 members.