Having now won regulatory approval, the $4 billion Alaska USA Federal Credit Union of Anchorage and the ailing $875 million Arrowhead Credit Union of San Bernardino, Calif. disclosed Wednesday they will begin implementing the sale of five Arrowhead branches starting this weekend.
Terms of the transaction announced in March and involving loans and branch property are altered slightly to give Arrowhead share account holders a choice whether to stick with Arrowhead or switch to Alaska USA.
The original spinoff agreement shifted the deposit portfolio directly to Alaska USA but computer hang-ups on duplicate account conversions delayed completion of the deal, said CU officials.
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