Phoenix CU Touts FHLB Membership
PHOENIX -- Membership in the Federal Home Loan Bank of San Francisco is proving financially fruitful in liquidity and balance sheet management to the $1.1 billion Arizona State Credit Union.
Plus Arizona State has received special development grants passed on to local communities.
Indeed, the Phoenix CU was the only CU highlighted in the FHLB's annual report in a feature article. The publication contained comments of David Doss, the president/CEO of Arizona State, outlining membership advantages as a strategic partner of the regional thrift regulator as it reaches out to assist member institutions.
"As we grow our loan portfolio and our loan-to-deposit ratio increases, accessing bank advances enables us to add efficiency and profitability to our organization," explained Doss.
Apart from using the agency's financing vehicles, Doss said the FHLB has also proved useful in product development and obtaining two separate grants in communities where it has branches. They include a $600,000 affordable housing grant in Flagstaff and a $25,000 worker training grant in Tucson.
"We are so very pleased to be able to pass through to our communities this additional benefit of bank membership," Doss commented.