Net Worth, Assets, Net Income All Higher As Year-End Books Close
ALEXANDRIA, Va. (Jan. 28, 2013) – Strong net worth growth was only one piece of good news from Arrowhead Central Credit Union (Arrowhead), which reported improved financial performance for the year ending Dec. 31, 2012.
Arrowhead, which operates under the conservatorship of the National Credit Union Administration (NCUA), reported its 2012 year-end net worth ratio improved by 324 basis points from year-end 2011, ending the fourth quarter at 10.53 percent. Arrowhead posted income of more than $25.5 million for the year. Total assets at the end of the fourth quarter stood at nearly $700 million.
“Things are moving in the right direction,” said Jane A. Walters, NCUA Region II Director and Agent for the Conservator. “We still have more to do, but everyone involved should feel a sense of satisfaction with what we’ve been able to accomplish so far. Arrowhead has maintained a strong community presence, and we’ve expanded products and improved service.”
NCUA placed Arrowhead into conservatorship in June 2010. Since then, NCUA, the management team and Arrowhead’s employees have dramatically improved the credit union’s financial condition and maintained services to its members. Deposits at Arrowhead are protected up to $250,000 through NCUA’s National Credit Union Share Insurance Fund.
Arrowhead Central Credit Union, established in 1949, is a federally insured, state-chartered credit union that operates 11 branches. Membership at Arrowhead is open to individuals and their family members who live, work, worship or attend school in San Bernardino and Riverside counties in California. For more information, visit www.arrowheadcu.org
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 nearly 100
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.