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Conserved Arrowhead CU closes eight branches
Conserved Arrowhead CU closes eight branches SAN BERNARDINO, Calif. (12/1/10)--Arrowhead CU, operating under National Credit Union Administration (NCUA) conservatorship since June, announced Tuesday it will close eight branches by the end of the year. The credit union said the reduction is intended as a continuation of its efforts toward “financial improvement.” The locations scheduled to close are six branches located inside Stater Bros. Markets in Loma Linda, Beaumont, Wildomar, 40th Street in San Bernardino, Summit in Fontana and Eagle Glen in Corona. In addition, the Mt.Vernon branch in San Bernardino and the Norco branch will also close. The San Bernardino, Calif.,-based credit union said the 11 of its branches that will remain open are located within minutes of those that scheduled to close, and 10 of the 11 will operate with expanded hours. Loans, direct deposits, transfers, debit cards and other account services used by its members will continue without interruption, the credit union said. Arrowhead CU will offer members in affected areas options to maintain their membership including assistance to find alternate locations, set up of electronic services, audio telephone banking, bank by mail, automatic payments and other programs designed for member convenience. NCUA assumed control of Arrowhead June 25 and fired four senior-level employees, include CEO Larry Sharp (News Now July 30). The $876-million-asset credit union had been placed into conservatorship due to declining financial condition. The employees were Sharp; Daniel Marciante, chief financial officer; Gene Shabinaw, senior vice president of lending; and Ray Messler, senior vice present of strategic development. Since it was placed under conservatorship by the NCUA, the credit union said its interim management has reduced operating expenses by more than 30%, compared with 2009, while reducing and eliminating some member fees, such as those for loan applications.


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