The NCUA said several new services and more efficient operations helped AEA Federal Credit Union improve its financial conditions last year.
The Yuma, Ariz.-based credit union, which is still under NCUA conservatorship, posted 2012 year-end net income of $3.15 million, according to the agency.
Total assets at the end of the fourth quarter stood at $231 million, and the net worth ratio improved by 137 basis points from year-end 2011, ending the fourth quarter at 4.02%, the NCUA said.
“We reduced expenses, streamlined operations, retooled infrastructure, introduced an array of new services and continued the process of returning AEA to the core credit union business model,” said Elizabeth Whitehead, NCUA Region V director and agent for the conservator.
“We see significant progress in all of these areas, and we are very 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 a former lending executive.
AEA’s management team and staff worked diligently to introduce new services to the credit union’s 42,000 members this past year, the NCUA said. The credit union unveiled a new home banking website and mobile platform, launched a suite of checking accounts, created a direct auto lending platform and announced a fixed-rate Visacredit card program.
The financial institution also joined shared branching and the CO-OP ATM Networks in 2012, creating 36,800 additional service sites for members.
“Our goal for 2013 is to release AEA Federal Credit Union from conservatorship, when appropriate, and return management of the credit union to a highly capable local board of directors,” Whitehead said.
Established in 1942, AEA operates five branches. Membership is open to individuals and their family members who live, work, worship or attend school in Yuma or La Paz counties in Arizona.