The $808 million Arrowhead Central Credit Union's June 30 call reports, released by the NCUA July 22, show a $1.45 million net loss, primarily due to an increase in loan-loss provisioning from $6 million as of March 31 to nearly $19 million.
Former Lafayette Federal Credit Union CEO Bill Brooks said he thinks Arrowhead Central Credit Union's board should have filed a formal objection to the NCUA's June 25 conservatorship.
Former Arrowhead Central Credit Union President/CEO Larry Sharp said the NCUA refused four consecutive net worth restoration plans because Arrowhead management was "too optimistic" in its forecasting.
The NCUA today confirmed reports that seized $808 million Arrowhead Central Credit Union laid off 27 employees Friday.
Nearly a month after it was placed into conservatorship by the NCUA, Arrowhead Central Credit Union has been prohibited from accepting any new member business loan applications.
The NCUA has scheduled a special closed board meeting for 9 a.m. on July 21 to deal with "supervisory activities," the agency announced today.
The NCUA announced Wednesday evening that it has relieved four former Arrowhead Central Credit Union employees of their duties.
One day after its next regularly scheduled meeting on July 29 the NCUA Board will hold a special closed meeting at 10:00 a.m., the agency announced today.
The sudden NCUA takeover of the $876 million Arrowhead Central Credit Union on Friday was as much a surprise to the $4 billion Alaska USA FCU, now owner or co-owner of four former branches of Arrowhead, as it was to others, Alaska USA management reported.
The seized Arrowhead Central Credit Union paid volunteers more than $27,000 during 2008, according to tax forms posted on nonprofit reporting website Guidestar.org.