Agency closes one CU, merges another
(Jan. 7, 2022) NCUA closed out 2021 by liquidating a credit union, and started 2022 by merging a struggling California credit union with another in the Golden State.
Early this week, the agency announced that 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 data.
Pomona Postal FCU was officially conserved by 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.”
Last week, 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, NCUA noted. The agency gave no reason for the credit union’s liquidation. It was at least the fourth credit union to be shuttered by the agency in 2021.
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, NCUA said, had $2.2 billion in assets, and about 147,000 members, at the end of the third quarter.
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Pomona Postal Federal Credit Union Merges into Credit Union of Southern California