PHOENIX — Embarking on what it said is an "exclusive" and historic agreement, the $1.8 billion Arizona Federal Credit Union teamed up with the city's YMCA organization last week to open the charity's first on-premise branch combined with an anti-payday education venture.
"Arizona Federal is proud to partner with the YMCA to help deliver critical financial skills to the community in a partnership forged in response to a great social need," said Ronald Westad, president/CEO of Arizona FCU.
The CU's YMCA branch, officials said, will open in early March in Maryvale, a low-income, Hispanic neighborhood and is designed to provide an alternative to payday shops, proliferating in the area of west Phoenix.
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Officials said more CU branches in other Phoenix area YMCA facilities may be opened later on along with financial education instruction in the centers.
An Arizona FCU spokesman said management of the Valley of the Sun YMCA, citing commonality with a non-profit CU, initially approached Arizona FCU about offering financial services to the community as well as a branch in the under-construction Maryvale Family YMCA Branch at 67th Avenue and Indian School Rd.
Valley of the Sun YMCA operates 16 locations in metropolitan Phoenix with 285,000 members. Arizona Federal has 223,000 members.
"The partnership mission will fill the need for affordable financial services and financial education" said Arizona FCU.
Separately, Arizona FCU said it is paying out $4 million in year-end dividend payments to its membership with the payout underscoring "the enviable position of Arizona Federal during a particularly difficult year in the financial services industry." The payout demonstrates the commitment Arizona Federal has to its member-owners, said Westad.
Arizona FCU said also in 2008 it will be rolling out a suite of member business services, and has begun providing all members "with identity theft recovery service at no cost." It also has started a new "It's All About You" awareness marketing campaign.
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