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]
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]
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:
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]
