Photo of Ronald L. Westad, our CEO
Ronald L. Westad
Second Quarter 2022 - Growth is on the Horizon

As we enter what could be described as a post-pandemic era, Arizona Financial has several exciting initiatives on the Horizon (pun intended, read on for further explanation). These initiatives are intended to create added value for you as a member-owner, while also producing new growth opportunities for your credit union in 2022 and beyond.

Members approve charter change proposal

I’m happy to announce the members of Arizona Financial have voted to approve our proposed charter change from a federal to state charter. Of those members voting, 87% voted in favor of the proposal! Under our current charter, Arizona Financial is limited to serving Maricopa and Pinal counties and the City of Tucson. A new state charter will allow us to serve individuals and businesses across Arizona.

An expanded service area will allow us to diversify our membership, provide financial services to those in remote areas of our state that have fewer banking options, and provide greater value for all members through increased revenue and economies of scale.

Current members will experience no changes to their accounts due to the charter change. Deposits will remain federally insured up to at least $250,000 by the National Credit Union Administration. Longer term we anticipate continued investments in both high-tech and high-touch banking options (e.g., online/mobile services, new branch locations, etc.).

After final review and approval by the Arizona Department of Insurance and Financial Institutions (AZDIFI), we expect to begin operating under our new state-issued charter by the end of 2022. AZDIFI will become our new regulatory agency.

Horizon Community Bank acquisition 

On March 10, we announced our intention to acquire Horizon Community Bank (that’s the pun I alluded to earlier). This acquisition will be Arizona Financial’s first step in expanding outside Metro Phoenix, resulting in new branches, increased diversification of assets, and additional revenue streams.

Horizon, headquartered in Lake Havasu City, is the second largest Arizona-based community bank with $550 million in assets, 12,000 clients and locations in Lake Havasu City, Fort Mohave, Kingman, Parker, Quartzsite and Mesa. We anticipate completing the purchase and assumption in late 2022.

Board election results

I would like to extend my congratulations to Libby Bissa, Bill Greene and Kelvin Smith. All three incumbent candidates have been re-elected to serve on our Board of Directors. Bill Greene was elected by the Directors as Chairman, Dave Albertson as Vice Chairman, Zeek Ojeh as Treasurer, and outgoing Chairwoman Libby Bissa as Secretary of the Board. The Board is comprised of members like you who volunteer their time to help guide the direction of your credit union. Thank you to Libby, Bill, Kelvin and the entire Board for their service. 

Change is good

It has been said that change is good. But we also know it can create uncertainty. If you have any questions about these changes, please reach out to us. We promise to keep you posted on these and any other plans for your credit union. Thank you for your business and, more importantly, the trust you place in Arizona Financial.

signature of Ronald Westad
Ronald L. Westad
President and Chief Executive Officer