The $238 million AEA Federal Credit Union in Yuma, Ariz., reported net income of $3.8 million for 2014, while operating under a conservatorship.
In 2013, the credit union's net income was $5.23 million and $3.15 million the year before. The 40,000-member AEA also reported a net worth ratio of 5.23%, which grew by 51 basis points from the prior year.
Loans increased by $9.5 million in 2014 compared to the previous year, led by an increase in auto lending.
“An important factor in AEA's positive performance was their determination and dedication to maintain a strategic focus throughout 2014,” Elizabeth Whitehead, NCUA Region V director and agent for the conservator, said. “By focusing on three main objectives – financial sustainability, community banking and a focus on people – AEA's management team and staff were able to make significant and impressive progress toward sustained growth and profitability.”
Chartered in 1942, AEA was placed into conservatorship in December 2010 by the NCUA to address its declining financial condition that stemmed from problems with its member business loan portfolio.
Membership in the credit union is open to individuals who live, work or worship in Yuma or La Paz counties.
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