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The serious problems at Arrowhead Credit Union may have been on regulators’ radar for months, but the NCUA’s June 25 takeover of the $876 million California CU surprised some in the CU community, including the $4 billion Alaska USA FCU. Alaska USA was finalizing a deal to buy four of Arrowhead’s southern California branches.

Without much incident “and just a few hiccups,” the Anchorage CU said it was able to complete the purchase outright and start managing member accounts at three of the High Desert/Big Bear branches, co-owning a fourth in Barstow with the $581 million Pacific Marine CU of Camp Pendleton.

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Peter Westerman


Credit Union Times

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