July 26, 2010 4:13 PM
David Keck, Special to the Daily Press

Revised figures released by federal regulators show that Arrowhead Central Credit Union’s lost about $1.45 million in the second quarter and saw its net worth ratio drop to 3 percent.

The drop was enough for the National Credit Union Administration to declare Arrowhead was “significantly undercapitalized” for a fourth consecutive quarter under Federal Credit Union Act standards.

The NCUA on Friday released Arrowhead’s second quarter Call Report, the detailed financial statement issued by every federally insured credit union. The report corrected earlier errors by the credit union’s previous management and showed a continued decline in its financial condition as a result of loan losses, according to a NCUA news release.

Assets decreased approximately $67 million since March 31 and loans have dropped approximately $40 million in the second quarter.

In March, Arrowhead sold four of its branches in the High Desert and Big Bear to Alaska USA Federal Credit Union in an effort to raise cash. Another Arrowhead location inside a Stater Bros. supermarket in Apple Valley was closed.

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