PHOENIX — Citing its product strategy and rapid growth of in-store branches, the $3 billion Desert Schools Federal Credit Union said last week it has reached a "dramatic" membership milestone: 350,000 members, a 30% jump from five years ago.
"Our members recognize that part of the credit union difference is our commitment to personalized service," explained Susan Frank, president/CEO in a press statement heralding the event. "Desert Schools also remains heavily invested in community relations, volunteerism and education."
Enjoying metropolitan Phoenix' explosive population growth in recent months, the state's largest CU with 59 branches in three counties attributed the member gains to a combination of its in-store branch network including 21 in Wal-Mart stores plus its ability to provide "strategic services and products based on real need in specific communities."
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"Much of Desert Schools' dramatic growth has occurred within the past fiveyears," said the press release. "In 2002, the credit union had $1.75 billion in assets, 22 locations and 245,000 members."
Desert Schools has been among the most active in the U.S. in opening the grocery and Wal-Mart branches. It expects to open its 60th branch in August.
Desert Schools' policy of providing targeted financial services whether it be auto loans or mortgages to certain neighborhoods of the city is a factor in its success, said a spokesman.
During the year, the Phoenix CU said it has added an "Interest-Only" home equity line, a flexible "Step-Rate Savings Certificate" and a variety of new home and vehicle loans.
A CU spokesman acknowledged that Desert Schools, like other CUs in the state, is reaping the benefit of U.S. population shifts that have made metropolitan Phoenix the nation's fifth largest, surpassing Philadelphia. Phoenix also ranks with Las Vegas as the fastest growing city.
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