Troubled Arrowhead Central CU Announced Layoffs
SAN BERNARDINO, Calif. – Arrowhead Central CU, taken over by NCUA June 25, said Friday it has laid off 27 employees, part of an effort by NCUA to remake the one-time $1.1 billion credit union.
The layoffs occurred both at the credit union's main office in San Bernardino and at some of its 19 branches. Arrowhead has 238 full-time workers, and it also has 161 employees who work 25 hours a week or less.
The layoffs come as newly reported mid-year financials show that Arrowhead sunk into the red to the tune of $1.5 million for the first six months of the year, after reporting a first quarter net of $2.6 million before the NCUA takeover.