The $700 million Arrowhead Credit Union continues to make turnaround progress, posting a quarterly profit of $3.9 million, its first showing in the black in a year, officials from the NCUA and the California credit union said this week.
The conserved San Bernardino institution has shed assets, employees and branches and cut loan losses. "It shows how we've tightened our belts and made sacrifices," said Elsa Montes, marketing director. The CU remains, however, at 3.91% net worth, up from 3.44% in December.
Since the June 2010 conservatorship, the NCUA has brought in new management led by Steve Becker, interim CEO and retired head of a suburban Phoenix CU, Credit Union West of Glendale, Ariz.
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