Politics, Government and Business in Southern California's Inland Empire
Andrew Edwards, Staff Writer
Created: 02/16/2011 06:40:12 PM PST
SAN BERNARDINO – Arrowhead Credit Union will soon have a new interim leader, but the government-appointed management team is still in charge of the Inland Empire institution.
10:00 PM PST on Monday, February 7, 2011
By KIMBERLY PIERCEALL
The Press-Enterprise
Arrowhead Credit Union, under government control since June 25, had fewer assets, employees and members by the end of 2010 compared with a year ago.
The number could drop further in the first quarter since the agency announced it would close eight branches by the end of last year.
By Michael J. Sorba Staff Writer
Created: 12/31/2010 10:25:56 PM PST
A federal regulator has set no timetable in the new year for when a government takeover of Arrowhead Credit Union will end.
But new legislation could prompt renewed interest in the institution and ultimately a willing business to take it off the government’s hands.
09:49 PM PST on Tuesday, November 30, 2010
By KIMBERLY PIERCEALL / The Press-Enterprise
Arrowhead Credit Union plans to close eight branches as of Dec. 31, the majority of them inside Stater Bros. markets, leaving 11 branches for the financial institution’s Inland members.
In a statement, officials with Arrowhead, which has been managed by federal regulators for six months, said the closures were part of “ongoing efforts to bring the credit union back to profitability.”
Credit union to close 8 branches, lay off 37
Rebecca U. Cho, Staff Writer
Created: 11/30/2010 09:08:08 PM PST
Arrowhead Credit Union will close eight branches and lay off 37 employees by the end of the year in an effort to improve its bottom line, the San Bernardino-based institution said Tuesday.
The closings include six branches inside Stater Bros. Markets in Loma Linda, Beaumont, Wildomar, San Bernardino, Fontana and Corona. Two stand-alone locations, on Mount Vernon Avenue in San Bernardino and in Norco, will also close shop.
12:26 AM PDT on Saturday, October 9, 2010
By KIMBERLY PIERCEALL
The Press-Enterprise
For several years before Arrowhead Credit Union was seized by federal regulators in June, it regularly outspent its peers on travel, salaries and political campaigns, and lost millions in for-profit ventures.
The credit union — a nonprofit like all credit unions, whose customers are considered shareholders — was also growing in physical size and touted having more than $1 billion in assets for the first time in 2006.
09:37 PM PDT on Wednesday, August 25, 2010
By KIMBERLY PIERCEALL
The Press-Enterprise
Among reasons for seizing Arrowhead Credit Union when it did, federal regulators for the first time pointed to an impending deal by the San Bernardino institution to sell multiple branches to Alaska USA at a “steep discount.”
The National Credit Union Administration placed Arrowhead under conservatorship on June 25.
Sharp
California Watch
A Project of the Center for Investigative Reporting
Higher Ed
California WatchBlog
August 3, 2010 | Erica Perez
CSU San Bernardino has hired as its new vice president for university advancement a local credit union CEO who was ousted from that position as part of a federal takeover a few weeks ago.
After 27 years as president and CEO of the San Bernardino-based Arrowhead Credit Union, Larry Sharp was dismissed as the bank’s chief in mid-July. This comes a couple weeks after the National Credit Union Administration seized the bank June 25, the Inland Valley Daily Bulletin reported. Sharp was one of several of the credit union’s top executives to be let go.
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 news on Arrowhead Credit Union wasn’t pretty last week.
Like I wrote about a week or two ago, the National Credit Union Administration (NCUA), the credit unions regulator, wouldn’t have seized the institution without cause. I said the most likely scenario here was inaccurate financial data reported by Arrowhead’s management.
That assumption was correct.
By PE Business
on July 23, 2010 12:31 PM
Layoffs at Arrowhead Credit Union started today.
According to the National Credit Union Administration which seized the San Bernardino-based financial institution on June 25 and has since overseen its management, the agency laid off 27 people.
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