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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.


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