Credit union regulator merges struggling CA CU, liquidates another, in late/early year actions

A California credit union serving postal workers, and operating under federal agency conservatorship since November, has been merged into another credit union in the state, it was announced Monday.

The National Credit Union Administration (NCUA) said the Pomona Postal Federal Credit Union (of Pomona), with assets of $4.08 million and 717 members, merged into the Credit Union of Southern California, Anaheim, as of Jan. 1. CU of Southern California had $2.2 billion in assets, and just under 130,000 members, as of the end of the third quarter, according to NCUA call report daa.

Pomona Postal FCU was officially conserved by the NCUA on Nov. 5. According to the agency, it worked to “address issues affecting the credit union’s safety and soundness” but determined ultimately that merging Pomona Postal into the larger credit union “was in the best interests of its members.”

Also, late last week (on Dec. 30), the agency announced it had liquidated Portsmouth Schools Federal Credit Union in Portsmouth, Va. The $2.2 million credit union, with 870 members, was chartered 80 years ago to serve teachers, employees, students, and family members of various schools within the Portsmouth, Va., public school system, the NCUA noted. The agency gave no reason for the credit union’s liquidation.

Portsmouth’s assets, member shares, and loans were assumed by BayPort Credit Union (which is apparently chartered as Newport News Shipbuilding Employees Credit Union, but operating under the BayPort name) of Newport News, Va. BayPort, the NCUA said, had $2.2 billion in assets and about 147,000 members at the end of the third quarter.

It was the fourth credit union shuttered by the federal regulator in 2021.

Pomona Postal Federal Credit Union Merges into Credit Union of Southern California

Portsmouth Schools Federal Credit Union Closes; BayPort Credit Union Assumes Loans, Assets, and Shares

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