A local advisory board recruited by the NCUA while Arrowhead Credit Union was in conservatorship will lead the institution after the regulator returned the credit union to its members last week.
The 10-member group will serve as the $755 million Arrowhead's seven-member board and three-person supervisory committee until the next annual meeting in Spring 2014.
According to a list released by the San Bernardino, Calif.-based Arrowhead, the group is led by Chairman Thomas Potter, who retired as the director of regional parks for San Bernardino County and currently also serves as president of the Retired Employees of San Bernardino County.
Arrowhead was originally chartered to serve San Bernardino County employees.
John McCormack, head teacher at Windrows Elementary School in Etiwanda, Calif. is vice chairman. All other board members have a background as a county employee or in local education except one, who is a city fire chief. Supervisory Committee members include one county employee and two local business owners.
Arrowhead hit the financial skids after housing values plummeted and the unemployment rate soared in the Inland Empire region of Southern California.
At the time of its June 2010 conservatorship, the credit union had 152,000 members, 23 branches and nearly 500 employees. It now has 116,000 members, 12 branches and 200 full time and 65 part-time employees, according to its March 31 5300 report.
Under the leadership of CEO Darin Woinarowicz, Arrowhead has produced 3% to 4% ROAA and has built up net worth to 10.52% as of March 31.
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