SAN BERNARDINO, Calif. – Arrowhead Central CU, which is expected to report an annual loss, announced yesterday it is closing four branches throughout Riverside and San Bernardino counties, shelving plans for new branches and may lay-off as many as 30 employees.
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Arrowhead reported a $6.6 million loss for its third quarter.
The announcement came as Larry Sharp, president of the $1 billion credit union, was in Washington to lobby Congress to include credit unions in the Treasury’s efforts to infuse cash into troubled financial institutions. The Treasury has made cash infusions of more than $325 billion into 125 banks so far, but none into credit unions.
On Tuesday, Sharp met with Reps. Ken Calvert, Jerry Lewis, and Joe Baca, to press his case.
