AEA Federal Credit Union reports members regain control of the Credit Union

 

 

Yuma, AZ (Dec. 18, 2015) — Effective today, AEA Federal Credit Union announced that after five years of operating under federal management, the National Credit Union Administration has returned control of the Credit Union to its members.

“This is an extraordinary success story for AEA, its membership and the communities we serve,” said Brian Mendivil, President and CEO. “A new Board of Directors and Supervisory Committee, representing the community, has been selected to oversee the operations of the credit union. AEA Federal Credit Union is positioned for financial success and projected growth long into the future.”

“A lot of credit for this success goes to the hard work of AEA’s leadership team, credit union staff and the loyal membership,” NCUA Board Chairman Debbie Matz said. “Working collaboratively with the agency, they were able to bring AEA through a conservatorship, stabilize the credit union and continue providing services to members.”

“Consistent and sound financial management by the leadership team led to the credit union’s improved financial performance, and the decision to give control back to the members,” said Elizabeth Whitehead, NCUA Region V Director.

Currently, AEA has $243 million in assets and more than 34,000 members. We have five branches serving Yuma, Somerton and Parker, Arizona. AEA’s continued focus is on Financial Sustainability, Community Banking and People.

Deposits at AEA Federal Credit Union remain federally insured by the NCUA, an independent agency of the federal government up to $250,000, and backed by the full faith and credit of the United States Government. Information can be found at  http://www.mycreditunion.gov/protect/Pages/SI.aspx.

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AEA Federal Credit Union is Yuma’s only community credit union and has been Building Relationships Since 1942. Membership is open to anyone who lives, works, worships or attends school in Yuma and La Paz counties. For more information, visit AEAFCU.org.             

Contact: Kathleen Hippensteel, VP of Marketing
928.373.5408