As part of its cost-cutting over the last year, ailing Arrowhead Central Credit Union of California has cut its staff by a fifth to 400 and has shrunk its loan portfolio "way down" in three areas-autos, home equity and RVs, said Larry Sharp, president/CEO.
Commenting on the financial condition of the CU as it seeks to strengthen net worth by selling five branches to Alaska USA FCU, Sharp said the last few months have seen "the right things happen for us" in a return to profitability.
The restructuring, including the sale of a small insurance firm "have put the credit union on a more mature footing," said Sharp, noting that in dealing with the NCUA "we have spoken out when we needed to."
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