Desert Financial Credit Union

Desert Financial Credit Union is a credit union based in Phoenix, Arizona, that operates 47 branches and service centers throughout Coconino, Gila, Maricopa, Pinal, and Yavapai counties and now statewide in Arizona. Desert Financial remains federally insured by the NCUA (National Credit Union Administration) and in addition will be regulated by the Arizona Department of Financial Institutions, which regulates state chartered credit unions in Arizona. Desert Financial is the largest credit union in Arizona, managing nearly $8.5 billion in assets as of October 2022.[2][3]

Desert Financial Credit Union
TypeCredit union
IndustryFinancial services
Founded1939
HeadquartersPhoenix, Arizona
United States
Number of locations
48 traditional and in-store branches in central Arizona plus e-Branch online
Area served
Arizona
Key people
Jeff Meshey, President & CEO
ServicesSavings; checking; auto loans; mortgage loans; home equity loans; personal loans; mortgages; credit cards; investments; online banking; business loans; wills & trusts; financial planning
Total assets$5.9B USD (June 2020)
Number of employees
1,100
SubsidiariesDesert Financial Services, LLC[1]
Websitewww.desertfinancial.com

History

Desert Financial was originally named Arizona Educational Association (AEA) #1 Federal Credit Union and was chartered in 1939 to serve the financial needs of area teachers. In 1972, the credit union rebranded to Desert Schools Credit Union to better define their niche market. In 1996, they expanded their charter to serve three counties in Arizona and disregarded vocation as a membership qualifier. In 2020, Desert Financial became a statewide charter.[4][5]

In 2018, the Desert Schools Credit Union was renamed Desert Financial Credit Union, in order to address misconceptions that it still only served members of the education community.[4][5] The rebranding was promoted during a commercial aired locally during Super Bowl LII, featuring Phoenix native Alice Cooper and playing upon his band's 1972 song "School's Out".[2][6][7]

In 2019, Desert Financial bought the naming rights to the Arizona State University arena and renamed it to the Desert Financial Arena. The agreement cost $1.5 million per year for 5 years.[8]

The Desert Financial Headquarters in Phoenix, Arizona.
The Desert Financial Headquarters in Phoenix.

Membership

Desert Financial currently serves approximately 400,000 members. Individuals who live, work, worship, or attend school in the following Arizona counties may join Desert Financial Credit Union:

Additionally, family members of current or eligible members may also join.[4]

Services

Desert Financial Credit Union offers a variety of financial products, including:

Community involvement

Desert Financial donates an average of $5 million annually to local charities and causes, and their employees also donate and volunteer in the community on a regular basis. In 2018, the credit union established the Desert Financial Foundation[13] as their first nonprofit entity. Halfway through 2018, Desert Financial donated $6.27 million out of a goal of $7 million for the year.[4][14]

References
  1. "NCUA Form 5300 (Statement of Financial Condition)". National Credit Union Administration. March 2020. Archived (PDF) from the original on 2012-02-08. Retrieved 2020-06-24.
  2. Passman, Aaron (2018-03-13). "How Desert Financial – and Alice Cooper – rewrote the book on CU ads". Credit Union Journal. Retrieved 2019-02-12.
  3. Brown, Dale (2018-08-03). "The list: Largest Phoenix-Area credit unions". www.bizjournals.com. Retrieved 2019-02-12.
  4. Bartlett, Michael (2017-12-15). "Desert Schools FCU rebrands as Desert Financial Credit Union". Credit Union Journal. Retrieved 2019-02-12.
  5. Brown, Brandon (2017-12-17). "Desert Schools Federal Credit Union changes its name". Phoenix Business Journal. Retrieved 2018-01-01.
  6. "Watch Alice Cooper's Super Bowl Ad". Ultimate Classic Rock. Townsquare Media. Retrieved 2018-02-07.
  7. Brown, Brandon (2018-02-05). "Watch: Desert Financial's Super Bowl commercial starring Alice Cooper (Video)". Phoenix Business Journal. Retrieved 2018-02-07.
  8. "Desert Financial buys naming rights for ASU's Wells Fargo Arena".
  9. "Checking and Savings". Archived from the original on 2013-07-24. Retrieved 2013-07-24.
  10. "Desert Schools Federal Credit Union". Archived from the original on 2013-08-06. Retrieved 2013-07-24.
  11. "Desert Financial Federal CU Mortgage Lending Statistics". 19 March 2020.
  12. "Business Credit Cards". Archived from the original on 2013-08-23. Retrieved 2013-07-24.
  13. "Desert Schools becomes Desert Financial Credit Union". AZ Big Media. 2017-12-13. Retrieved 2018-01-01.
  14. "Desert Financial Credit Union 'Year of Giving' hits home". AZ Big Media. 2018-08-14. Retrieved 2019-02-12.
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