California credit union first to emerge from NCUA management since 2007.
California credit union was seized in June 2010, remains under conservatorship.
The NCUA-managed Arrowhead Central CU added some padding to its well-capitalized status, reporting 7.69% net worth as of March 31, and a $7 million first quarter net income.
Arrowhead Central Credit Union financials rebound under NCUA oversight.
At one point, the high-flying commercial lending CUSO formed through Eastern Financial Florida Credit Union funded more than $200 million in business loans and served dozens of credit unions nationwide.
There were plenty of high-profile merger deals in 2010 highlighted by big West Coast combinations accompanied by voluntary and involuntary consolidations plus conservatorships.
Arrowhead Central Credit Union, an NCUA conservatorship that has been shrinking for months, is now closing eight of its California branches by year end.
The yearend closing of eight branches of Arrowhead Central Credit CU including six in a California supermarket chain rekindled this week the local dispute over last June's NCUA conservatorship.
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.
Larry Sharp, fired by the NCUA two weeks ago after his credit union was seized June 25, already has a new job.