| 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 | Kelvin Smith, Board of Directors Chair Ronald L. Westad, President/CEO |
| Products | Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments |
| Total assets | $1.6B USD |
| Website | azfcu.org |
Arizona Federal Credit Union (or Arizona Federal) is a federally insured $1.6 billion, 215,000 member, natural person credit union headquartered in Phoenix, Arizona, chartered and regulated under the authority of the National Credit Union Administration (NCUA). As of February 2010, there are 15 branch locations in the metropolitan Phoenix area.
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Arizona Federal was established in 1936 as the Phoenix City Employees Federal Credit Union[1] 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.[2] In December 2009, Arizona Federal announced plans to close eight branches.[3]
Arizona Federal closed the first quarter of 2010 with a modest net income of $3.5 million, the second consecutive quarter of positive bottom-line results.
Arizona Federal is active in area philanthropy and financial education activities through its Community Services department.
Named for a former Board of Directors member, the Bob Bresnahan scholarship program awards three $1,000 scholarships to different members annually. The award is split with $500 being awarded before the fall semester and $500 the following spring semester presuming the student achieves a 2.5 or better GPA.