ALEXANDRIA, Va. (1/29/13)--"Things are moving in the right direction" at Arrowhead Central CU, National Credit Union Administration Region II Director Jane Walters said in a Monday release.
That credit union, which has been under agency conservatorship since 2010, posted a 324 basis point improvement in its net worth ratio in 2012. Arrowhead Central's year-end income was $25.5 million, and the credit union held nearly $700 million in assets at the end of 2012.
The NCUA in June 2010 took control of Arrowhead Central, and fired then-CEO Larry Sharp and three other senior-level employees, due to the credit union's declining financial condition.
"Arrowhead has maintained a strong community presence, and we've expanded products and improved service," Walters added.
For the full NCUA release, use the resource link.