I used too much hyperbole in describing the state of Arrowhead Credit Union in my column of Dec. 15. The institution still is open and still doing business as Arrowhead Credit Union. I heard from none other than John McKechnie, who is director of Public and Congressional Affairs for the National Credit Union Administration in Alexandria, Va.
He set me straight:
“Your ‘Christmas letter’ article yesterday contained statements about how Arrowhead has ‘closed,’
and is ‘gone.’ While the credit union is operating under federal conservatorship, and has downsized, it is still very much open for business. Apparently some readers in San Bernardino and Riverside have called or visited credit union branches expressing concern about a closure that didn’t happen.
“NCUA placed Arrowhead into conservatorship, meaning we removed the former management and board and assumed control in an effort to protect member assets and improve the institution’s financial health. Arrowead has remained open for business and continues to provide service to its members under the name Arrowhead Credit Union.
“I would greatly appreciate your clarifying this in future coverage. Arrowhead continues to try to work through the very real difficulties that it faces.”
That’s the word from the top.