Interim President/CEO of the California and Nevada Credit Union Leagues David Chatfield told Credit Union Times today he thinks the NCUA seized the $876 million Arrowhead Credit Union because someone in the agency "had an axe to grind."
NEW ORLEANS -- Representatives from four credit unions that were involved in mergers or acquisitions shed some light on the closed-door and detailed process during a CUNA CFO Council session.
Nearly eight years after the $851 million Arrowhead Credit Union bought a firm to bring a plethora of insurance services to its membership, it recently announced that losses and lackluster profits led to the cooperative selling the subsidiary.
The $851 million Arrowhead Credit Union has sold it insurance subsidiary, Sawyer Cook Insurance, several publications recently reported.
Plagued with losses and the inability to turn a profit, the $851 million Arrowhead Credit Union said it has sold its insurance subsidiary, Sawyer Cook Insurance.
North Island Credit Union President/CEO John Tippets said he's cautious but positive he can turn the ailing $1.4 billion San Diego credit union around, despite dropping to 3.39% net worth at year-end 2009.
Since its 2003 launch, the San Bernardino, Calif.-based Member Business Services said it has reviewed $1.4 billion in member business loans.
The San Bernardino, Calif.-based Member Business Services is celebrating a high point having reviewed $1.4 billion in member business loans since the CUSO launched in 2003.