The NCUA said several new services and more efficient operationshelped AEA Federal Credit Union improve its financial conditionslast year.

The Yuma, Ariz.-based credit union, which is still underNCUA conservatorship, posted 2012 year-end net income of $3.15million, according to the agency.

Total assets at the end of the fourth quarter stood at $231million, and the net worth ratio improved by 137 basis points fromyear-end 2011, ending the fourth quarter at 4.02%, the NCUAsaid.

“We reduced expenses, streamlined operations, retooledinfrastructure, introduced an array of new services and continuedthe process of returning AEA to the core credit union business model,” said ElizabethWhitehead, NCUA Region V director and agent for theconservator.

“We see significant progress in all of these areas, and we arevery pleased with the credit union's positive performance in 2012,”Whitehead said.

The credit union had been hit by a business loan kickback scheme that led to the conviction of aformer lending executive.

AEA's management team and staff worked diligently to introducenew services to the credit union's 42,000 members this past year,the NCUA said. The credit union unveiled a new home banking websiteand mobile platform, launched a suite of checking accounts, createda direct auto lending platform and announced a fixed-rateVisacredit card program.

The financial institution also joined shared branching and theCO-OP ATM Networks in 2012, creating 36,800 additional servicesites for members.

“Our goal for 2013 is to release AEA Federal Credit Union fromconservatorship, when appropriate, and return management of thecredit union to a highly capable local board of directors,”Whitehead said.

Established in 1942, AEA operates five branches. Membership isopen to individuals and their family members who live, work,worship or attend school in Yuma or La Paz counties in Arizona.