Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Arrowhead CU sells insurance subsidiary
SAN BERNARDINO, Calif. (3/3/10)--Arrowhead CU, San Bernardino, Calif., sold its Sawyer Cook Insurance subsidiary Friday, according to local media reports. The subsidiary was sold to an undisclosed firm for an undisclosed amount (Daily Bulletin March 2). The firm kept 13 employees but laid off nine others, the newspaper said. The sale will generate $750,000 in revenues for the credit union, which had forecast $4 million to $5 million in profits this year. It suffered a $78 million loss between July 2008 and September. In the most recent quarter, Arrowhead reported $1.7 million in earnings. Arrowhead took several measures to raise its capitalization ratio last year, including closing four branches and laying off 60 employees, the newspaper added. Sawyer Cook offers homeowner, auto, health and other types of insurance.


RSS





print
News Now LiveWire
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
9 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
11 hours ago
Current @CUNA COO @JillTomalin promoted to deputy chief of staff
12 hours ago
#CU Effect:@ChartwayFCU 'branch of the future' 2 benefit members, staff. 2nd installment of new News Now series here:http://t.co/ImBY4nupEj
13 hours ago
U.K. regulators have given formal authorization for the @c_of_e to form a #creditunion.
13 hours ago