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News Now

Washington
Conserved Arrowhead Central CU reports 2Q improvements
ALEXANDRIA, Va. (7/25/11)—The National Credit Union Administration (NCUA) reported Friday that Arrowhead Central CU of San Bernardino, Calif., operating under conservatorship of the agency, posted improved financial results for the second quarter of the year. As of June 30, reported net income of $11.3 million and improved its net worth to 5.06% of assets, up from 3.44% at Dec. 31, 2010. Total assets at the end of the second quarter were $681 million compared to $808 million for the same period last year. The NCUA said trends are moving upward at an accelerated pace through continued focus on “diligent expense management, operational efficiencies and improved lending results.” Since June 2010, the NCUA said, the agency as interim management team, and Arrowhead Central employees have worked to “dramatically” improve the credit union’s financial condition and maintain services for the credit union’s more than 124,000 members. “The priority has always been to restore the credit union’s net worth and to remain operational for its members,” said Jane Walters, NCUA Region II Director. “We are working to not only improve Arrowhead’s financial condition, but to implement ways to bring more value to its membership. We are working to develop more member-friendly products and service excellence, to maintain a strong presence in the community, and to help our members share in our success with their own financial growth. We see significant progress in all of these efforts, and we are very encouraged by the credit union’s positive financial results.” Arrowhead Central, established in 1949, is a full-service financial institution and one of the area’s largest credit unions.


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