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.
Mendivil had been serving as executive vice president of the conserved Arizona credit union for the past two years.
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.
A co-conspirator in the business lending kickback scheme that led to the collapse of AEA FCU has been sentenced to 24 months in prison.
Former Continental Federal Credit Union president/CEO Tom Glatt Sr. voluntarily surrendered the keys to a 4,000-square-foot Sedona, Ariz., desert estate and in the process walked out on a nearly $1 million mortgage loan from his former employer.
Former Continental Federal Credit Union president/CEO Tom Glatt Sr. voluntarily surrendered the keys to a 4,000 square foot Sedona, Ariz. desert estate, walking out on a 2007 loan from his former employer that had an original principal amount of $958,000.