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News Now

CU System
Finances of Silver State Schools Arrowhead improve
LAS VEGAS and SAN BERNARDINO, Calif. (5/2/11)--Arrowhead CU and Silver State Schools CU—two credit unions with recent financial troubles--are reporting improved operating results. Arrowhead CU, San Bernardino, Calif., posted net income of $3.9 million for the first quarter 2011 and increased its net worth to 3.91% of assets from 3.44% as of Dec. 31. Total assets at the end of the quarter were $700 million (Fontana Herald News April 29). Among the reasons for the improvements were reductions in operating expenses and improvement in loan quality, according to Arrowhead. National Credit Union Administration assumed control of Arrowhead June. The $876-million-asset credit union was placed into conservatorship due to declining financial condition News Now Dec. 12) Silver State Schools CU, Las Vegas, reported a $90,000 profit in the first quarter, reversing a string of nine quarterly losses (reviewjournal.com April 29). The credit union lost $8.5 million in the first quarter of 2010. In 2008, Silver State Schools reported a record $10 million net income from operations but set aside $10 million in reserves for potential loan losses. During 2009, as property values continued to decline and record numbers of members experienced reduced income, the credit union recorded $8.1 million net income from operations. However, it set aside $59 million to cover current and potential future loan losses (News Now April 30, 2010). In February 2010, the credit union received a capital infusion to bolster its general reserves from its private share insurer, American Share Insurance (ASI). Silver State Schools CU reported $29.7 million in net worth at the end of March, but that figure includes the $22 million subordinated loan ASI made to the credit union in 2010.


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