Arizona Federal Returns Earnings to Member-Owners

After years of success, Board of Directors declares nearly $4 million to be returned.

(PHOENIX, AZ) – The Board of Directors of Arizona Federal Credit Union declared today a return of earnings to its membership totaling nearly $4 million. The return of earnings reflects the attainment of certain financial goals which accrue to the benefit of the member-owners of this not-for-profit financial cooperative. The return of $4 million will be a refund of interest paid on qualifying loans and/or an additional payment of interest/dividends on qualifying deposit balances to the credit union’s member-owners.

“We are pleased to be in a position to return earnings to our membership,” said Board Chair Cathleen Gleason. “In 2007, we’ve added three new branches, rolled-out a new suite of member business services, and began providing all membership with identity theft recovery service at no cost. Having the ability to return nearly $4 million in capital in addition to these added benefits, and during a particularly difficult year in the financial services industry, demonstrates the commitment Arizona Federal has to the member-owners of this not-for-profit organization.”

Members will see the loan interest refund and/or a bonus interest/dividend on their December 2007 statement. The year-end payouts will be determined by a formula based on how much interest the member paid on qualifying loans, and/or how much interest/dividends the member earned on qualifying deposits.

“We exist by and for our member-owners. As a not-for-profit financial cooperative, we strive to create real, tangible, and measurable financial value for all of our member-owners. This unique organizational structure in the financial services industry provides a distinct advantage for consumers over other financial institution options. We hope the difference is abundantly clear to all of our member-owners” said Ronald L. Westad, President and CEO of Arizona Federal.
 
Arizona Federal is one of the state’s largest credit unions with more than $1.8 billion in assets, 230,000 member accounts and 26 Arizona locations. Arizona Federal focuses on its members by creating real value and by making it easy for them to do business and offering them a wide variety of financial services. Arizona Federal is also dedicated to providing financial education and contributing to the communities in which it serves.

Read other press releases