Troubled Arrowhead Central CU Shutters Eight More Branches

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SAN BERNARDINO, Calif. – In a desperate attempt to trim operating expenses, ailing Arrowhead Central CU, run under NCUA conservatorship since June, announced this morning it is closing eight more branches by year-end, atop of the four branches sold this summer to Alaska USA FCU.

The branches slated for closure include one in north Fontana, as well as branches inside Stater Bros. Markets in Loma Linda, Beaumont, Wildomar, 40th Street in San Bernardino, and Eagle Glen in Corona. The Mt. Vernon branch in San Bernardino and the Norco branch will also close.

The 11 Arrowhead branches to remain open are located within minutes of most locations scheduled to close. Along with last summer's sale of four branches to Alaska USA, Arrowhead closed four other branches last February.

The one-time $1.1 billion credit union reported a $3.8 million loss for the first nine months of the year, after a $47.8 million loss for 2008. Assets had dwindled to just $707 million by Sept. 30.

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