Arizona Financial Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1936 |
| Headquarters | Phoenix, 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 |
| Products | Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments |
| Total assets | $1.7B USD[1] |
| Website | ArizonaFederal.org |
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.
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
- ^ "About Us: Arizona Federal Credit Union". Arizona Federal Credit Union. Arizona Federal Credit Union. Retrieved 2 February 2020.
- ^ "About Us: Arizona Federal Credit Union". Arizona Federal Credit Union. Arizona Federal Credit Union. Retrieved 2 February 2020.
- ^ Arizona Federal Credit Union Ready for Steady Growth. Knight Ridder/Tribune Business News. 9 Dec. 2003.
- ^ Wiles, Russ. Ariz. Federal Credit Union closing 4 branches. The Arizona Republic 13 Feb. 2009
- ^ Wiles, Russ. Ariz. Federal Credit Union to close 8 branches. The Arizona Republic. 10 Dec. 2009.
- ^ "We Bought A Bank! Arizona Federal, Pinnacle Bank joining forces". Arizona Federal Credit Union. Arizona Federal Credit Union. Retrieved 2 February 2020.
- ^ "Arizona Federal Credit Union Completes Pinnacle Bank Acquisition". Credit Union Times. Credit Union Times. Retrieved 2 February 2020.
External links
