Arizona Federal Credit Union

Arizona Federal Credit Union (or Arizona Federal) is a federally insured $1.7 billion, 125,000 member, natural person credit union headquartered in Phoenix, Arizona, chartered and regulated under the authority of the National Credit Union Administration (NCUA).[2] As of October 2018, there are 12 branch locations in the metropolitan Phoenix area.

Arizona Federal Credit Union
TypeCredit union
IndustryFinancial services
Founded1936
HeadquartersPhoenix, Arizona
United States
Area served
Anyone who lives, works, worships or attends school within Maricopa County or Pinal County
Key people
Libby Bissa, Board of Directors Chair
Ronald L. Westad, President/CEO
ProductsSavings; Checking; Consumer loans; Mortgages; Credit cards; Investments
Total assets$1.7B USD[1]
WebsiteArizonaFederal.org

History

Arizona Federal was established in 1936 as the Phoenix City Employees Federal Credit Union[3] and has grown significantly through the years as a result of merging with the credit unions of other local municipalities, through a conversion to a community charter, and by benefiting from the boom in population throughout the metro-Phoenix area.

In February 2009, Arizona Federal announced a loss of $64 million for the fourth quarter of 2008, and a total loss of over $115 million for 2008, the second largest annual loss ever for a credit union.[4] In December 2009, Arizona Federal announced plans to close eight branches.[5]

In 2012, Arizona Federal reported net income of over $44 million for the year, with a net worth ratio of 9.71%, earning the credit union "well capitalized" status with the National Credit Union Administration.

In June 2017, Arizona Federal Credit Union announced a three-year partnership with Phoenix Rising FC, making it the soccer club's exclusive financial partner.

On December 1, 2019, Arizona Federal Credit Union announced that it had acquired Phoenix-based Pinnacle Bank, valued at $269 million. The acquisition is expected to be finalized by the 3rd or 4th quarter of 2020.[6][7]

Community services

Arizona Federal Credit Union in Phoenix is active in local philanthropic and financial education activities through its Community Services department. Some of the activities include: pairing with local city governments to provide financial education workshops for their employees; donating scholarship monies for local higher education schools to distribute; providing assistance to the 100 Club of Arizona; organizing an annual holiday celebration for a local school in need; and more.

References
  1. "About Us: Arizona Federal Credit Union". Arizona Federal Credit Union. Arizona Federal Credit Union. Retrieved 2 February 2020.
  2. "About Us: Arizona Federal Credit Union". Arizona Federal Credit Union. Arizona Federal Credit Union. Retrieved 2 February 2020.
  3. Arizona Federal Credit Union Ready for Steady Growth. Knight Ridder/Tribune Business News. 9 Dec. 2003.
  4. Wiles, Russ. Ariz. Federal Credit Union closing 4 branches. The Arizona Republic 13 Feb. 2009
  5. Wiles, Russ. Ariz. Federal Credit Union to close 8 branches. The Arizona Republic. 10 Dec. 2009.
  6. "We Bought A Bank! Arizona Federal, Pinnacle Bank joining forces". Arizona Federal Credit Union. Arizona Federal Credit Union. Retrieved 2 February 2020.
  7. "Arizona Federal Credit Union Completes Pinnacle Bank Acquisition". Credit Union Times. Credit Union Times. Retrieved 2 February 2020.


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