ARROWHEAD CU EXITS CONSERVATORSHIP
updated 05/24/13 08:59 AM
First CU Since 2007
After nearly three years, the National Credit Union Administration (NCUA) has released and returned control of Arrowhead Central CU in California back to its members. It is the first credit union since 2007 to emerge from NCUA conservatorship.
“This is an extraordinary success story resulting from an extraordinary effort,” said NCUA Board Chairman Debbie Matz. “Arrowhead provided essential financial services for more than 100,000 ethnically diverse members. When the credit union was on the brink of failing in June of 2010, NCUA, working with the California Department of Financial Institutions, placed Arrowhead into conservatorship. From day one, we were dedicated to restoring sound operations and safeguarding members’ hard-earned money.”
A new 10-person NCUA-recruited advisory board is now Arrowhead’s new board of directors and supervisory committee. In their first board meeting, Arrowhead reported a net worth ratio of 10.5 percent, quarterly net income of $5.6 million, and membership of more than 116,000.
“This historic success story was made possible thanks to years of tireless, collaborative efforts,” Matz concluded. “NCUA staff, the California Department of Financial Institutions, Arrowhead’s interim and current management teams and staff, the new board of directors, and members never wavered in their commitment to save this credit union. Together, we pulled Arrowhead from the brink of insolvency to become a strong credit union again, providing essential financial services for its community.”
SAN MATEO CU CEO TO RETIRE updated
08/29/14 04:49 PM
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NCUF RELEASES ANNUAL REPORT updated
08/29/14 02:44 PM
Activities From Last 12 Months
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WEEKLY E-FILING BILL SIGNED INTO LAW updated
08/28/14 02:18 PM
Will Streamline Reports for CUs
California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.
RMJ GOLF TOURNAMENT RAISES 41k updated
08/27/14 12:56 PM
Event Attracts Nearly 100 Players
The Richard Myles Johnson Foundation/CUNA Mutual Golf Tournament, held Aug. 18 at the Newport Beach Country Club in Newport Beach, CA, raised $41,000 for the state foundation for credit unions in California and Nevada.