As further evidence of its asset scaledown, the $720 million Arrowhead Central Credit Union, under NCUA conservatorship since last June, announced Tuesday it is closing eight California branches by yearend.
The San Bernardino CU also disclosed that its interim management has sharply reduced operating expenses by more than 30% from a year ago while also reducing and eliminating some member fees, including loan application fees.
The closing of the branches, six of which are located in Stater Bros. markets, follows the sale this summer of four other branches to Alaska USA FCU of Anchorage.
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The six Stater branches are in Loma Linda, Beaumont, Wildomar, San Bernardino, Fontana and Corona. Two other full service facilities in San Bernardino and Norco will also be closing.
At one time Arrowhead had 29 branches in southern California, reduced now to 11.
At those remaining 11 branches, Arrowhead said it would be expanding hours to accommodate members at the closed facilities. .
Kay Woods, Arrowhead's interim CEO appointed by NCUA, acknowledged in a statement that that the branch closings reflect "this difficult business environment" but said the action is necessary "to improve our infrastructure and service delivery options."
"We want our members to know that their money is safe and the great service they are used to will be enhanced as we move forward," she said.
Arrowhead, which lost $47.8 million in 2009, for the first nine months reported a $3.8 million loss.
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