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October 13, 2010

NCUA notes Arrowhead firings, special session

NCUA yesterday said it has terminated four executives from the conserved Arrowhead CU and, in a separate announcement, said the agency's board will hold a special closed meeting July 21.

The Arrowhead CU executives were placed on administrative leave June 25, the day NCUA took it into conservatorship, and were terminated July 13, the agency said. It noted the credit union remains fully operational and is providing service to members.

NCUA said it placed the credit union into conservatorship "to restore normal operations with new management in place to correct financial statements and improve operational weaknesses."

The agenda for the July 21 closed board meeting involves supervisory actions. It's the third closed board meeting set for July. The other two are set for July 29, also the date of the board's next open meeting, and July 30.

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