(Updated, 2:45 p.m.)

CUMBERLAND – The United States Postal Service is still considering closing down Cumberland’s Valley Falls post office, according to the cash-strapped agency’s latest list of branches it may shut down.

The USPS has pared its original list of 3,600 targeted branches to 371, according to a list published late last week by the U.S. Postal Regulatory Commission, which oversees the postal service. The agency has warned that it may lose at least $5 billion in the current fiscal year, which started Oct. 1, due to declining mail volume.

The USPS has leased the 15,065-square-foot Valley Falls branch, located at 197 Broad St. near the Central Falls line, since 1970. It had 348 post office boxes and grossed $202,036 in 2008, according to the postal service.

The Broad Street property has an assessed value of $372,600 and has been owned since 1969 by Helcar Inc., a family-owned real estate firm, according to town records. Smithfield-based Helcar also owns post office branches in East Providence, Lincoln, North Smithfield and South Kingstown, according to the postal service.

The USPS has not given a timeline for when it will make final decisions about closing branches. In September, the agency removed the Mount Pleasant Station post office in New Bedford from the list of branches that could be closed. No other local facilities are being reviewed.

The American Postal Workers Union Local 0387 held an informational picket line at the Valley Falls branch on Friday to protest the possible closure as the end of a two-week period for postal service consumers to comment on the proposal neared.

“I have been informed that there is a large elderly and handicapped population within the Valley Falls community, and any closing of that facility would be an extreme burden on that community,” Mike Vinal, steward of Local 0387, said in an e-mail. “We believe every American citizen should have access to postal services.”