The NCUA today confirmed reports that seized $808 million Arrowhead Central Credit Union laid off 27 employees Friday.
Director of Congressional and Public Affairs John McKechnie said the affected staff worked operational and administration positions at the $808 million institution, and called it a decision required to "maintain service while protecting member assets."
Dismissed Arrowhead CEO Larry Sharp, who was not counted among the 27 released Friday, said he disputes the NCUA's decision to place the credit union into conservatorship. However, he said he will not challenge it legally.
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