Two years ago, AEA Federal Credit Union’s future looked bleak as it nearly succumbed to the greed of a lending officer who took the cooperative to the brink of collapse.
This in-depth look at a conserved and now recovering Arizona credit union is a preview from next week's print edition of Credit Union Times.
The Yuma, Ariz.-based credit union, which is still under NCUA conservatorship, posted 2012 year-end net income of $3.15 million.
The NCUA-managed Arrowhead Central CU added some padding to its well-capitalized status, reporting 7.69% net worth as of March 31, and a $7 million first quarter net income.
Improved financials, new products and services under NCUA conservatorship following insider lending fraud case.