Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA Lifts Arrowhead Central CU Conservatorship
ALEXANDRIA, Va. (5/27/13)--Last week's announcement that control of the once-conserved Arrowhead Central CU has been returned to its members "is a positive step for the credit union, and a positive sign of the continued improvements in the economy and the credit union system," Credit Union National Association President/CEO Bill Cheney said.

The National Credit Union Administration made the announcement on Friday. Arrowhead is the first credit union since 2007 to emerge from conservatorship, the NCUA noted.

The NCUA took the 116,000 member, $755 million-in-assets credit union into conservatorship in June 2010. At that time, Arrowhead's net worth ratio had fallen to 3%. Then-CEO Larry Sharp and three other senior-level employees were replaced by the agency due to the credit union's declining financial condition.

"From day one, we were dedicated to restoring sound operations and safeguarding members' hard-earned money," NCUA Chairman Debbie Matz said.

The agency said NCUA staff, a new leadership team, and a 10-member advisory board worked together to strengthen Arrowhead's loan underwriting standards, control costs and restore net worth.

The credit union last week reported a net worth ratio of 10.5%, quarterly net income of $5.6 million, and membership of more than 116,000, the NCUA said.

For more, use the resource link.
Other Resources

NCUA Release
RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
13 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
14 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
16 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
19 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
19 hours ago