The sudden NCUA takeover of the $876 million Arrowhead Central Credit Union on Friday was as much a surprise to the $4 billion Alaska USA FCU, now owner or co-owner of four former branches of Arrowhead, as it was to others, Alaska USA management reported.
"Just like everybody else we were told at 3:00 pm Alaska time by our staff down there they were posting signs on the branch doors about the conservatorship," said Dan McCue, senior vice president-corporate administration of the Anchorage CU.
Under the original deal with Arrowhead's prior management signed in March, Alaska USA agreed to purchase five Arrowhead Central branches in California's High Desert country east of Los Angeles. But one of the branches in Barstow was jointly shared with the $581 million Pacific Marine CU of Camp Pendleton and the fifth branch in an Apple Valley grocery chain was closed by Arrowhead after store management replaced the San Bernardino CU with a bank, understood to be Chase.
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