Arizona Financial Credit Union

Last updated
Arizona Financial Credit Union
Type Credit union
Industry Financial services
Founded1936
Headquarters
Area served
10 Arizona counties (Coconino, Gila, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Yavapai, Yuma)
Key people
  • Bill Greene, Board of Directors Chair
  • Amy L. Hysell, President/CEO
Products Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments
Total assets $3.4B USD [1]
Website www.arizonafinancial.org

Arizona Financial Credit Union (or Arizona Financial) is a federally insured credit union headquartered in Phoenix, Arizona, United States. It has $3.4 billion in assets and is the second-largest credit union in the state. As of July 2022, there were 20 branch locations across Arizona.

Contents

It was founded in 1936 and traces its roots to multiple credit unions created to serve municipal employees in various Valley cities. It was known as Arizona Federal Credit Union from 1981 to 2022, when it converted from a federal to a state charter.

History

Arizona Financial was established in 1936 as the Phoenix City Employees Federal Credit Union. [2] This union merged with similar credit unions for city employees of Mesa (and Chandler), Scottsdale, and Tempe in 1981 to form Arizona Federal Credit Union, with 28,000 members and $48 million in assets. [3] Arizona Federal would grow significantly through the years as a result of merging with other credit unions, [4] through a conversion to a community charter, and by benefiting from the boom in population throughout the Phoenix metropolitan 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. [5] In December 2009, Arizona Federal announced plans to close eight branches, its second branch closure wave that year. [6]

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. This was the first acquisition of a bank by a credit union in Arizona. The acquisition was expected to be finalized by the 3rd or 4th quarter of 2020. [7] [8] In 2022, it reached a deal to acquire Horizon Community Bank, which primarily operated in Mohave and La Paz counties; once approved, the combined institution will have $3.4 billion in assets. [1]

Arizona Federal rebranded to Arizona Financial Credit Union effective July 1, 2022, as part of converting from a federally chartered credit union to a state-chartered credit union (as the change required the removal of "Federal" from the name). The change in charter allowed the credit union to expand its field of membership beyond Maricopa and Pinal counties and the city of Tucson to a total of ten Arizona counties. [1]

Related Research Articles

Washington Mutual was the United States' largest savings and loan association until its collapse in 2008.

<span class="mw-page-title-main">JPMorgan Chase</span> American multinational financial services conglomerate

JPMorgan Chase & Co. is an American multinational financial services company headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization. As the largest of the Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale has led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet" of capital reserves. The firm is headquartered on 383 Madison Avenue in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building in 2025.

<span class="mw-page-title-main">Bank of America</span> American multinational banking and financial services corporation

The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Citizens Financial Group</span> Eastern U.S. bank

Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as Washington, DC.

HSBC Bank Canada, formerly the Hongkong Bank of Canada (HBC), is a Canadian chartered bank and the Canadian subsidiary of British multinational banking and financial services company HSBC. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the largest foreign-owned bank in the country. The corporate headquarters are located at the HSBC Canada Building in the downtown core's financial district of Vancouver, British Columbia. HSBC Bank Canada's Institution Number is 016.

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

The Bank of Hawaii Corporation is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting stockholders reside within the state. Bank of Hawaii has the most accounts, customers, branches, and ATMs of any financial institution in the state. The bank consists of four business segments: retail banking, commercial banking, investment services, and treasury. The bank is currently headed by chairman, president and chief executive officer, Peter S. Ho.

Great Western Bank was a large retail bank that operated primarily in the Western United States. Great Western's headquarters were in Chatsworth, California. At one time, Great Western was one of the largest savings and loan in the United States, second only to Home Savings of America. The bank was acquired by Washington Mutual in 1997 for $6.8 billion.

<span class="mw-page-title-main">MUFG Union Bank</span> American full-service banking group

Union Bank was a nationally licensed full service bank with 398 branches in California, Washington and Oregon that was wholly owned by MUFG Americas Holdings and was acquired by U.S. Bancorp. Headquartered in New York City, it has commercial branches in Dallas, Houston, New York and Chicago, in addition to two international offices.

<span class="mw-page-title-main">Desert Financial Credit Union</span> Credit union in Arizona

Desert Financial Credit Union is a credit union based in Phoenix, Arizona, that operates 47 branches and service centers throughout Coconino, Gila, Maricopa, Pinal, and Yavapai counties and now statewide in Arizona. Desert Financial remains federally insured by the NCUA and in addition will be regulated by the Arizona Department of Financial Institutions, which regulates state chartered credit unions in Arizona. Desert Financial is the largest credit union in Arizona, managing nearly $8.5 billion in assets as of October 2022.

<span class="mw-page-title-main">Wells Fargo</span> American multinational banking and financial services company

Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important financial institution by the Financial Stability Board and is considered one of the "Big Four Banks" in the United States, alongside JPMorgan Chase, Bank of America, and Citigroup.

iTHINK Financial was formed in 1969 to serve the employees of IBM. iTHINK Financial is a state chartered, federally insured credit union with more than $1.5 billion in assets and more than 95,000 Members. iTHINK Financial has 22 branches located throughout Florida and Georgia and approximately 380 employees. iTHINK Financial’s headquarters are located in Delray Beach, Florida.

<span class="mw-page-title-main">United Federal Credit Union</span>

United Federal Credit Union (UFCU) is a federally chartered credit union based in St. Joseph, Michigan with a 74-year history. Originally chartered in 1949, UFCU has more than 186,000 Members in all 50 states and the District of Columbia. The credit union assets in excess of $3.8 billion as of December 2022. United has 35 branches in six states: Michigan, Ohio, Indiana, Nevada, North Carolina, and Arkansas. United Federal Credit Union offers a diverse array of products and services for businesses and individuals, include checking and savings accounts; auto loans, RV and boat loans, credit cards; mortgage, construction, and lot loans; home equity loans, and lines of credit; business accounts, loans, and credit cards.

<span class="mw-page-title-main">State Employees Credit Union</span> Public employees credit union in North Carolina

State Employees' Credit Union (SECU) is a North Carolina state chartered credit union headquartered in Raleigh, North Carolina regulated under the authority of the Credit Union Division of the NC Department of Commerce. SECU member deposits are insured by National Credit Union Administration (NCUA) of the U.S. federal government. SECU is the second largest natural member credit union in the United States, both in asset size and in membership. As of August 28, 2022, SECU has $53.1 billion in assets, over 2.6 million members, and 270 branches with locations in all of North Carolina's 100 counties. SECU operates the no-fee CashPoints automated teller machine network, which is the largest ATM network in North Carolina. Membership in the credit union is primarily limited to employees of the state of North Carolina and their immediate family or the immediate family of current SECU members.

Suncoast Credit Union is a credit union headquartered in Tampa, Florida. The credit union formed in 1934 to originally serve teachers in Hillsborough County and later expanded to serve school employees within the state's suncoast region. Since December 2013, the credit union is open to anyone who lives, works, attends school, or worships in the 39 counties which the credit union serves. As of June 2022, Suncoast has $14.96 billion in assets and more than 1 million members.

<span class="mw-page-title-main">Alaska USA Federal Credit Union</span>

Global Credit Union is a credit union headquartered in Anchorage, Alaska, chartered and regulated under the authority of the National Credit Union Administration (NCUA). In the United States, Global is among the largest credit unions by assets, and it is among the 20 largest credit unions by membership.

<span class="mw-page-title-main">Texas Dow Employees Credit Union</span>

Texas Dow Employees Credit Union (TDECU) is a credit union based in Lake Jackson, Texas, with 38 service locations, including 34 member centers. TDECU is the largest Houston-area credit union, and fourth largest in the state of Texas, with over 372,000 members and assets of $4.7 billion as of April 2022. In 2014, they purchased the naming rights to the University of Houston Cougars football stadium, TDECU Stadium.

OneAZ Credit Union is a federally insured natural person credit union headquartered in Phoenix, Arizona, chartered in the state of Arizona. OneAZ is the second-largest credit union by assets in the state. As of October 2018, there are 23 branch locations in the state of Arizona.

References

  1. 1 2 3 Barr, Greg (July 1, 2022). "Arizona Federal Credit Union to switch charter status, rebrand amid expansion". Phoenix Business Journal. Archived from the original on July 1, 2022. Retrieved July 6, 2022.
  2. "Arizona Federal Credit Union Ready for Steady Growth". Knight Ridder/Tribune Business News. December 9, 2003.
  3. "Credit-union merger bid completed". Arizona Republic. Phoenix, Arizona. December 12, 1981. p. C2. Archived from the original on July 6, 2022. Retrieved July 6, 2022 via Newspapers.com.
  4. "Credit union buys assets of sick mate". Arizona Republic. Phoenix, Arizona. December 18, 1991. p. D1. Archived from the original on July 6, 2022. Retrieved July 6, 2022 via Newspapers.com.
  5. Wiles, Russ (February 13, 2009). "Ariz. Federal Credit Union closing 4 branches". The Arizona Republic. Archived from the original on July 6, 2022. Retrieved November 16, 2009.
  6. Wiles, Russ (December 10, 2009). "Ariz. Federal Credit Union to close 8 branches". The Arizona Republic. Archived from the original on July 6, 2022. Retrieved January 10, 2010.
  7. "We Bought A Bank! Arizona Federal, Pinnacle Bank joining forces". Arizona Federal Credit Union. Arizona Federal Credit Union. Archived from the original on 2 February 2020. Retrieved 2 February 2020.
  8. "Arizona Federal Credit Union Completes Pinnacle Bank Acquisition". Credit Union Times. Credit Union Times. Archived from the original on 6 July 2022. Retrieved 2 February 2020.