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Arrowhead Central lays off 27 employees
SAN BERNARDINO, Calif. (7/27/10)--Regulators laid off 27 employees of Arrowhead Central CU Friday at its main office in San Bernardino, Calif., and at some of its 19 branches. The layoffs were made to “maintain service while protecting member assets,” John McKechnie, director of congressional and public affairs for the National Credit Union Administration (NCUA), confirmed with News Now Monday. As conservator of Arrowhead, NCUA posted its corrected version Friday of the $876 million asset credit union’s second quarter Call Report. NCUA says it showed a continued decline in Arrowhead Central’s financial condition from loan portfolio losses (News Now July 26). NCUA placed the credit union into conservatorship on June 25 due to its declining financial condition. The credit union has continued serving its members as NCUA has worked to stabilize the institution’s operations. Earlier this month, the agency fired four former Arrowhead Central CU employees, including CEO Larry Sharp, who had been placed on temporary administrative leave when NCUA assumed control of the credit union (News Now July 16). “Arrowhead Central CU is open for business and has continued uninterrupted service to members since the June 25 conservatorship,” McKechnie told News Now last week. “The credit union is operating normally, and member funds are federally insured up to $250,000. NCUA’s principal goal in conserving Arrowhead CU is to protect the members and preserve their assets. “Given that losses at Arrowhead were continuing, and the credit union was not reversing negative trends and was not on a trajectory to return to profitability, the most prudent course of action was for NCUA to assume control of Arrowhead,” he added. “NCUA is conducting a thorough review of Arrowhead’s operations, and will make a determination about the future of the institution when that review is completed.”
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