YUMA, Ariz. (1/29/15)--AEA FCU, under the conservatorship of the National Credit Union Administration, reported improved financial performance for the year ending Dec. 31, 2014, according to the NCUA.
AEA, a $238 million-asset federal credit union based in Yuma, Ariz., saw a net income last year of $3.8 million, and a net worth ratio improvement of 51 basis points from 2013, bringing it to 5.23%.
According to the NCUA, loans grew by $9.5 million compared with 2013, with the majority of the increase in auto lending.
"An important factor in AEA's positive performance was its determination and dedication to maintain a strategic focus throughout 2014," said Elizabeth Whitehead, NCUA's Region V director. "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."
NCUA placed AEA into conservatorship in December 2010 to address its declining financial condition stemming from problems with its member business loan portfolio. The credit union serves approximately 40,000 members.
AEA FCU was established in 1942 and serves individuals who live, work or worship in Yuma or La Paz counties.
The NCUA announced Tuesday that another credit union in conservatorship, the $1.4 billion-asset Texans CU in Richardson, Texas, also saw growth in 2014.