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Washington
New Arrowhead Central CU CEO named by NCUA
ALEXANDRIA, Va. (9/21/11)--Darin Woinarowicz has been named permanent CEO of San Bernardino, Calif.-based Arrowhead Central CU, a credit union that recently showed an improved financial results but remains under National Credit Union Administration (NCUA) conservatorship. The $681 million-in-assets credit union, which was founded in 1949, has been held under NCUA conservatorship since June 2010. The agency took control of the credit union on June 25, 2010, and fired then-CEO Larry Sharp and three other senior-level employees. These moves were made due to the credit union’s declining financial condition. The credit union 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. NCUA Region II Director Jane Walters said “the placement of a permanent CEO is another key accomplishment in the credit union’s complete recovery and lays the groundwork for its continued health and safety and soundness.” The selection of Woinarowicz, who is currently CEO of Bakersfield, Calif.’s Kern Schools FCU, will ensure that Arrowhead Central “has sound strategic processes, a member-oriented focus, and the strong risk management and oversight necessary to rebuild and prosper,” Walters added. Woinarowicz played a “vital role” in Kern Schools FCU’s restructuring and financial turnaround, the NCUA said. Kern Schools FCU in early 2010 announced it lost $40 million in 2009 from borrowers who had difficulties paying their auto loans and mortgage payments as the recession intensified.
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