Member Deposits Remain Protected up to $250,000
ALEXANDRIA, Va. – Arrowhead Central Credit Union of San Bernardino, Calif., today reported continually improving financial results for the second quarter ending June 30, 2011.
Arrowhead Central Credit Union, which operates under conservatorship of the National Credit Union Administration (NCUA), posted net income of $11.3 million through the second quarter and improved its net worth to 5.06 percent of assets, up from 3.44 percent at Dec. 31, 2010. Total assets at the end of the second quarter were $681 million compared to $808 million for the same period last year. The trends are moving upward at an accelerated pace through continued focus on diligent expense management, operational efficiencies and improved lending results.
Since June 2010, the NCUA, the interim management team, and Arrowhead Central Credit Union’s employees have worked to dramatically improve the credit union’s financial condition and maintain services for the credit union’s more than 124,000 members.
“The priority has always been to restore the credit union’s net worth and to remain operational for its members,” said Jane Walters, NCUA Region II Director. “We are working to not only improve Arrowhead’s financial condition, but to implement ways to bring more value to its membership. We are working to develop more member-friendly products and service excellence, to maintain a strong presence in the community, and to help our members share in our success with their own financial growth. We see significant progress in all of these efforts, and we are very encouraged by the credit union’s positive financial results.”
Deposits at Arrowhead Central Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts up to $250,000. The NCUSIF operates like the FDIC’s Deposit Insurance Fund for banks.
Arrowhead Central Credit Union, established in 1949, is a full-service financial institution and one of the area’s largest credit unions. Membership is open to individuals who live or work in any city in San Bernardino or Riverside Counties. For information, call (800) 743-7228.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
98 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.