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

The USPS has pared its original list of about 3,600 targeted branches to 241, according to a list the agency released late last week. The other local post office studied for closure – New Bedford’s Mount Pleasant Station branch – was removed from the list in September.

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 agency.

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

“To shore up its finances, the Postal Service is looking at every aspect of its business to economize,” Steven J. Forte, the agency’s senior vice president for operations, said in a statement. The Postal Service has almost 37,000 post offices, branches and stations nationwide.

“Reducing over-capacity in retail and delivery operations is a smart business move,” Forte said. “Every effort is being made to maintain and improve customer access to postal services.”

The Postal Service said last week it lost $3.8 billion in the fiscal year ended Sept. 30 because of declining mail volume, and officials forecast a net loss of $7.8 billion for the current fiscal year.

In addition to closing branches, the agency has asked Congress to get rid of Saturday delivery and change other policies.