Overview of Desert Financial Credit Union
Desert Financial Credit Union is the largest credit union in Arizona, headquartered in Phoenix. With nearly $8.5 billion in assets as of October 2022, it serves approximately 400,000 members across several counties, including Maricopa, Pinal, and Yavapai. The credit union operates 47 branches and service centres throughout the state and is federally insured by the National Credit Union Administration (NCUA).
History
Founded in 1939 as the Arizona Educational Association Federal Credit Union, Desert Financial initially aimed to serve local teachers. Over the decades, it evolved significantly:
- 1972: Rebranded as Desert Schools Federal Credit Union to reflect a broader membership base.
- 1996: Expanded its charter to include members beyond the education sector.
- 2020: Became a statewide charter, allowing membership to anyone living or working in Arizona.
- 2018: Renamed to Desert Financial Credit Union to eliminate misconceptions about its membership restrictions.
The credit union gained visibility through marketing efforts, including a Super Bowl commercial featuring Alice Cooper.
Membership Eligibility
Membership at Desert Financial is open to individuals who live, work, worship, or attend school in specific Arizona counties:
- Coconino
- Gila
- Maricopa
- Pinal
- Yavapai
- Additional counties for online banking only: Cochise, La Paz, Mohave, Navajo, Pima and Yuma.
Family members of current members are also eligible to join.
Services Offered
Desert Financial provides a comprehensive range of financial products and services:
- Accounts: Savings and checking accounts, money market accounts.
- Loans: Home equity loans, mortgage loans, vehicle loans, business loans.
- Credit Cards: Consumer and business credit cards with various rewards options.
- Investments: IRAs and savings certificates.
- Online Services: Internet and mobile banking options.
- Community Programs: Wills and trusts services.
Community Involvement
Desert Financial is committed to community service and philanthropy. It donates an average of $5 million annually to local charities and causes. The establishment of the Desert Financial Foundation in 2018 marked a significant step in formalizing its community engagement efforts. In 2022 alone, the credit union performed over 12,000 Random Acts of Kindness and awarded substantial scholarships to local students.
Financial Performance
In 2022, Desert Financial reported robust financial growth despite economic challenges:
- Deposits grew by 5.7%.
- Loan production reached a record of $2.7 million, with overall loan growth of 37.8%.
- The total net worth ratio increased from 9.80% to 10.88%, reflecting strong financial health.
It has consistently been recognised for its service quality and member satisfaction. It was named the No. 1 credit union in Arizona for seven consecutive years by Ranking Arizona.
Desert Financial Credit Union stands out not only for its size but also for its commitment to community service and member satisfaction. With a diverse array of financial products and a strong focus on local engagement, it continues to play a vital role in the financial landscape of Arizona.
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