Rebecca U. Cho, Staff Writer
Posted: 06/25/2010 06:45:57 PM PDT
Two quarters of rising profits at Arrowhead Credit Union failed to convince the government to stay away – the San Bernardino-based institution was taken over by federal regulators Friday.
Arrowhead’s “declining financial condition” prompted the seizure, according to a statement released Friday by the National Credit Union Administration. The decision does not affect Arrowhead’s 152,000 members, who will continue to receive uninterrupted service. Member funds are also federally insured up to $250,000 per account, the administration said.