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News Now

CU System
Woods is interim CEO at Arrowhead CU
SAN BERNARDINO, Calif. (6/30/10)--Kay Woods has been named interim CEO of San Bernardino, Calif.-based Arrowhead CU, the $876 million asset credit union that was placed into conservatorship by the National Credit Union Administration (NCUA) Friday. Woods was formerly a CEO at Las Vegas-based Weststar CU but left years ago to become a consultant. She has experience as a conservatorship manager, according to John McKechnie, director of congressional and public affairs at NCUA. NCUA placed the credit union's senior management on paid administrative leave so it can conduct an ongoing review of the credit union's operations, McKechnie confirmed to News Now. Those on leave include Arrowhead CEO Larry Sharp; Daniel Marciante, chief financial officer; Gene Shabinaw, senior vice president of lending; and Ray Messler, senior vice president of strategic development (San Bernardino County Sun June 29). Income derived from last weekend's sale of four of Arrowhead's branches to Alaska USA FCU was not enough to remedy Arrowhead's poor financial condition, McKechnie said. "The credit union was not reversing negative trends and was not on a trajectory to return to profitability," he added. NCUA board is conducting a thorough review of Arrowhead's operations and will make a determination about the credit union's future when the review is completed, McKechnie said. Located in an area hard hit with high unemployment and sharp declines in the housing market, Arrowhead reported losses totaling $47.1 million in 2009 and $28.6 million in 2008, said the newspaper. In April, its net income was $3.7 million and fourth quarter profits were at $1.7 million. It reported $20.1 million in delinquent loans in March. More than 1,562 members had filed for bankruptcy by December.


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