Certified Federal Credit Union, a small Commerce institution serving grocery industry employees, was closed over the weekend by federal regulators, officials announced Monday.
The 61-year-old credit union, which had assets of $37.6 million, had been suffering substantial losses in its home mortgage portfolio. It is the 12th federally insured credit union to fail this year.
Immediately following the July 31 closure, the National Credit Union Administration sold Certified’s assets to Vons Employees Federal Credit Union, an El Monte institution with $332.6 million in assets.
“We are pleased to be adding new members, from the same industry, who share a common heritage and history,” said Vons Chief Executive Steve Weakley in a statement.
Vons, a full-service credit union with four branch locations, said it will retain the Certified name and its one branch location in Commerce.