Arrowhead Central Credit Union, an NCUA conservatorship that has been shrinking for months, is now closing eight of its California branches by year end.
As further evidence of its asset scaledown, the $720 million Arrowhead Central Credit Union, under NCUA conservatorship since last June, announced Tuesday it is closing eight California branches by yearend.
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.