Arizona Federal Credit Union announced today that it is officially changing its name to Arizona Financial Credit Union, effective July 1, pursuant to its conversion from a federally chartered credit union to a state chartered credit union. As part of a state charter amendment, the credit union is required to drop the word “federal” from its name.
Earlier this year, credit union members voted to approve the charter change. With the new state charter, the credit union will be able to provide financial services to individuals and businesses in 10 Arizona counties. The federal charter limited the credit union‘s membership to only Maricopa and Pinal counties and the city of Tucson.
“Our charter change allows us to serve individuals and businesses throughout Arizona, and we believe the word ‘financial’ in our name is much more descriptive of what we do,” said Ronald L. Westad. , President and CEO. “The charter change will also result in greater value for our members, giving us the ability to continue to invest in new products and services such as improved online services and new locations.”
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For the 145,000 member-owners of the credit union, there will be no impact on their accounts due to the change of charter and the change of name. Credit cards, debit cards, checks, automatic deposits/withdrawals and direct deposit will work normally.
Over the next few months, the credit union will update its name on ATMs and signage at its 14 locations in the Valley. Due to the scale of the project and the challenges of supply chain issues, the rebranding project is expected to be completed by this fall.
Additionally, as a sponsor of the Arizona Federal Theater in downtown Phoenix, the credit union is working with venue operator Live Nation to rebrand the theater as the Arizona Financial Theater. The name change will be completed in the coming months.
Counties that make up Arizona Financial’s new membership field include Coconino, Gila, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Yavapai, and Yuma.
In March, the credit union announced plans to acquire Horizon Community Bank, a $550 million community bank headquartered in Lake Havasu City with six branches in Fort Mohave, Kingman, Lake Havasu City, Mesa, Parker and Quartzsite. The transaction is expected to be completed by the end of 2022. It will be the second acquisition of a community bank by the credit union following its successful purchase of Pinnacle Bank in 2019.
For more information about Arizona Financial Credit Union, visit ArizonaFinancial.org.