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.
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.
June 30 call reports for the $808 million Arrowhead Central CU, released late yesterday by the NCUA, reveal the institution was running at a $1.45 million loss shortly after its June 25 conservatorship.
The NCUA announced Wednesday evening that it has relieved four former Arrowhead Central Credit Union employees of their duties.
The controversy over whether or not the NCUA was justified when it seized the $876 Arrowhead Credit Union
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."