Yuma, Ariz. (Jan. 28, 2015) – Keeping its focus on improved member services and greater efficiency has paid off for AEA Federal Credit Union.
AEA, which operates under the conservatorship of the National Credit Union Administration, reported improved financial performance for the year ending Dec. 31, 2014.
AEA posted net income of $3.8 million for the year. Total assets at the end of the fourth quarter stood at $238 million, and the net worth ratio improved by 51 basis points from 2013, to 5.23 percent. Loans grew by $9.5 million compared to 2013, with the majority of the increase in auto lending.
“An important factor in AEA’s positive performance was their determination and dedication to maintain a strategic focus throughout 2014,” said Elizabeth Whitehead, NCUA Region V Director and Agent for the Conservator. “By focusing on three main objectives—financial sustainability, community banking and a focus on people—AEA’s management team and staff were able to make significant and impressive progress toward sustained growth and profitability.”
NCUA placed AEA into conservatorship in December 2010 to address its declining financial condition that stemmed from problems with its member business loan portfolio. Since then, NCUA, the management team and AEA’s employees have worked to dramatically improve the credit union’s financial condition and maintain services for the credit union’s 40,000 members. Deposits at AEA Federal Credit Union remain protected up to the prescribed limits of the National Credit Union Share Insurance Fund.
AEA Federal Credit Union, established in 1942, is a full-service financial institution based in Yuma, Arizona. Membership is open to individuals who live, work or worship in Yuma or La Paz Counties. For more information, visit AEA’s website.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.