YUMA, AZ. (January 30, 2014) – A strong commitment to member service drove AEA Federal Credit Union to improved financial performance for the year ending Dec. 31, 2013.
AEA, which operates under the conservatorship of the National Credit Union Administration, posted 2013 year-end net income of $5.23 million, up from $3.15 million in 2012. Total assets at the end of the fourth quarter stood at $234 million, up $3 million from 2012, and the net worth ratio improved from 2012 by 70 basis points, ending the fourth quarter at 4.72 percent.
“We have again seen progress in many areas, resulting in the credit union’s positive performance in 2013,” said Elizabeth Whitehead, NCUA Region V Director and Agent for the Conservator. “Having previously reduced the expense structure, streamlined operations and introduced new products and services we continued the process of returning AEA to the core credit union business model through the introduction of a member-centric sales-through-service culture.”
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 41,000 members.
Deposits at AEA Federal Credit Union remain protected up to $250,000 through NCUA’s National Credit Union Share Insurance Fund.
AEA Federal Credit Union, established in 1942, operates five branches. Membership at AEA is open to individuals and members of their family, who live, work, worship or attend school in Yuma or La Paz counties in Arizona. For information call (928) 783-8881, or visit www.aeafcu.org.
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 U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.