Arizona Federal Credit Union
Encyclopedia
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.
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. In December 2009, Arizona Federal announced plans to close eight branches.
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.
Phoenix, Arizona
Phoenix is the capital, and largest city, of the U.S. state of Arizona, as well as the sixth most populated city in the United States. Phoenix is home to 1,445,632 people according to the official 2010 U.S. Census Bureau data...
, chartered and regulated under the authority of the National Credit Union Administration (NCUA)
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
. As of February 2010, there are 15 branch locations in the metropolitan Phoenix area.
History
Arizona Federal was established in 1936 as the Phoenix City Employees Federal Credit Union 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. In December 2009, Arizona Federal announced plans to close eight branches.
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.