Arrowhead Central Gets Permanent CEO
The NCUA-conserved Arrowhead Central Credit Union in San Bernardino, Calif., will get a new CEO in October.
Darin Woinarowicz, chief operating officer at the $1.3 billion Kern Schools FCU in Bakersfield, Calif., has been named by the NCUA as the new permanent CEO, replacing Steve Becker, the former CEO of Arizona’s Credit Union West who got the job on an interim basis in May.
“We believe the selection of Darin Woinarowicz is one that will ensure the credit union has sound strategic processes, a member-oriented focus, and the strong risk management and oversight necessary to rebuild and prosper,” said Jane Walters, NCUA Region II director.
The agency called the appointment of Woinarowicz the next step in its recovery plan for Arrowhead, which was conserved in June 2010 after losing more than $47 million in 2009. The NCUA said the then-$876 million CU had underreported losses in its March 2010 financial performance report.
In July, the NCUA reported a second-quarter improvement of $11.3 million in profit for the now $681 million San Bernardino institution. Net worth also had improved to 5.06% of assets for the quarter ending June 30, the agency said.
“The placement of a permanent CEO is another key accomplishment in the credit union’s complete recovery and lays the groundwork for its continued health and safety and soundness,” Walters said.
At Kern FCU, the agency said, Woinarowicz “played a vital role in that credit union’s restructuring and financial turnaround. He previously held several key management positions at SchoolsFirst Federal Credit Union, which is known as an industry leader in management development and member-focused culture.”
Woinarowicz will join the Arrowhead in October, the NCUA said.