San Bernardino—As part of an ongoing effort to bring the credit union back to profitability while maintaining service to its 136,000 members, Arrowhead Credit Union announced the closure of eight branches effective December 31, 2010 to be followed by expanding hours at ten of the 11 continuing branches.
The locations scheduled to close are the six branches located inside Stater Bros.
Markets in Loma Linda, Beaumont, Wildomar, 40th Street in San Bernardino, Summit in Fontana and Eagle Glen in Corona. In addition, the Mt. Vernon branch in San Bernardino and the Norco branch will also close.
The remaining branches are full service and will continue to provide members with product and services to meet their needs. In addition, Arrowhead will be expanding its hours of operation to extend evening and Saturday hours. Beginning January 3 the new hours will be Monday through Friday 9:00 a.m. to 6:00 p.m. and Saturday 9:00 a.m. to 2:00 p.m. at all locations except Crestline, which will have peak operational hours based on their unique location.
Since June 2010, Arrowhead Credit Union has been operating under conservatorship by the National Credit Union Administration (NCUA), the federal agency that regulates and insures credit unions, and continues to reduce operating expenses by restructuring, branch consolidation and improved processes while maintaining personalized service standards. The interim management team has reduced operating expenses by more than 30 percent, compared to 2009, while reducing and eliminating some member fees such as the loan application fee.
Loans, direct deposit, transfers, debit cards and other account services used by its members will continue without interruption. Arrowhead Credit Union will offer members in affected areas options to maintain their membership including assistance to find alternate locations, set up of electronic services, audio telephone banking, bank by mail, automatic payments and other programs designed for member convenience.
In addition, members can conduct transactions at any Arrowhead branch and through the credit union’s 28,000 free ATMs. Arrowhead also participates in the shared branch CU Service Center network that provides over 6,500 locations for member service including deposits, withdrawals and loan payments.
“Arrowhead is committed to serving our members and their families,” said Kay Woods, Arrowhead’s Interim CEO. “We want our members to know that their money is safe and the great service they are used to will be enhanced as we move forward. In this difficult business environment it’s necessary to continue to improve our infrastructure and service delivery options in order to ensure we remain financially strong going forward.”
Woods stated, “This in the end will make us stronger and a more viable credit union with our continued belief in the credit union philosophy of helping members save and borrow to meet their financial goals.”
Member funds at Arrowhead Credit Union are federally insured to at least $250,000 per account by the NCUA. Since 1949, Arrowhead Credit Union has provided financial services to more than 136,000 members and their families and continues to provide membership to residents of the Inland Empire.
For more information about account and services, contact Arrowhead Credit Union at 1-800-743-7228 or www.arrowheadcu.org.