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A Guide to Applying for a Bank Loan

Arizona State Credit Union Earns Excellence Award

For the sixth time, Arizona State Credit Union has been awarded the Peter Barron Stark (PBS) Companies’ Award for Workplace Excellence.

“It is with pride that we award Arizona State Credit Union with the 2014 Peter Barron Stark Companies’ Award for Workplace Excellence. Arizona State Credit Union’s commitment to providing caring service shines through their associate opinion survey data,” said Peter Barron Stark, president of Peter Barron Stark Companies. “Their results illustrate a personal responsibility among each associate for contributing to the Credit Union’s success. Arizona State Credit Union has put their values into action through their commitment to associates and members by fostering a great internal culture.”

The award speaks to the Credit Union’s commitment to maintaining associate satisfaction in the workplace. A key component of the Credit Union’s business model is its commitment to serving the needs of Arizona communities, including loyal members and dedicated associates.

“As a local financial cooperative, we believe that the happiness of our associates is vital to our success as an organization,” said David E. Doss, President/CEO of Arizona State Credit Union. “Our associates constantly strive to provide the best possible experience to each and every member, and it is their extreme dedication to member service that helps us continue to grow every year.”

The Credit Union constantly strives to increase associate satisfaction by having a competitive benefits package and providing ongoing wellness initiatives. The most recent survey results indicate that associates recognize such efforts and feel that their job responsibilities directly contribute to the success of the Credit Union.

The award follows the Credit Union’s recognition earlier this year from Ranking Arizona: The Best of Arizona Business, where the Credit Union was recognized as the number one credit union in Arizona for the eighth consecutive year.

For more information about Arizona State Credit Union, visit azstcu.org.

financial

Credit unions grow membership, revenue

Like many other industries, credit unions in Arizona are bouncing back from the economic downturn.

Credit unions, which are similar to banks in the products and services that they offer except at a slightly lower cost, are taking advantage of consumer disenchantment with big banks to attract new members. According to a recent National Credit Union Administration report, through the first quarter of 2012, credit unions around the country combined for a record 92.5 million members.

“As local, member-owned financial institutions, credit unions are simply doing what they have always been good at,” said Scott Earl, CEO of Mountain West Credit Union Association, a trade organization of credit unions across Arizona, Colorado and Wyoming. “They have a long history and reputation for providing excellent member service, financial education and a wide variety of financial services to fit their members needs. The recent increased recognition of these qualities and the progress credit unions have made is establishing their success as an industry.”

Nationally, credit unions generated $2.1 billion in profits and added 667,000 new members in the first quarter of 2012, a 25 percent spike in profits compared with a year earlier. Most large Arizona credit unions — including Desert Schools, TruWest, Arizona State, Credit Union West and Arizona Federal — saw profits roughly double in the first quarter of 2012, compared with earnings from a year earlier.

“The word ‘profit’ is a bit of a misnomer,” said Paul Stull, senior vice president of strategy and brand for Arizona State Credit Union. “Credit unions do have net income. However, all credit unions are not-for-profit cooperatives. The net income or funds available after expenses are paid become part of a credit union’s capital or are used to build new branches, purchase new technology or offer additional services.”

Something that Arizona State Credit Union added recently were construction loans to its home loan portfolio in anticipation of an improving economy, as evidenced by the 27 percent growth of new home sales in the first quarter, compared to the prior year.

The construction loan program allows members the opportunity to lock in their mortgage rate early and avoid the possibility of fluctuating rates during the construction phase. Additional perks to this all-in-one loan include needing to only qualify once, signing one set of loan documents and paying one set of loan fees for both the construction-phase financing and permanent mortgage.

“As a local financial cooperative, the Credit Union is proud to offer low rates and flexible terms on a product that few financial institutions are offering,” said David E. Doss, president and CEO of Arizona State Credit Union. “We are excited to add construction loans to our home loan options as it is one more way we can assist members residing in the Arizona communities we serve.”

A J.D. Power and Associates study this year showed that consumer backlash against fees and the perception of poor customer service from some of the bigger banks have caused some consumers to switch to credit unions, whichunlike banks, which are run as private businesses seeking profits, operate as nonprofit entities and are technically owned by their members.

“Generally credit unions offer lower fees and better interest rates than banks,” Stull said. “This is one reason consumers may come to a credit union. We also see many people that switch because they want to do business with a local financial institution that is based in Arizona. Our deposits are returned to the community in the form of loans than in turn grow jobs and economic development in the communities we serve. Many consumers have made a choice to support local businesses, and credit unions are a great example of that.”

While credit unions never issue subprime mortgages, which many experts blame for helping lead the nation into the recession, credit unions did get hit with the impact of the failing economy. One lesson Earl said they learned: Innovation.

“Learning to manage resources while providing increased quality of services through the recession has challenged the way credit unions approach problems,” he said. “Increased creativity and credit union technology are some of more positive lessons for the long term.”
In addition to lower fees and increasing efficiency that is resulting from lessons learned in the wake of the recession, Stull said credit unions offer free financial counseling, will help members create a budget to manage their funds, and Arizona State Credit Union’s Home Affordable Refinance Program has allowed homeowners who owe more than the house is worth to refinance and reduce their payments.

“Choosing a credit union is a win-win situation for consumers,” Stull said. “They can get a better rate or lower fees to help them stretch their budgets, and they can benefit their community by doing business with a local financial cooperative that helps create jobs and grow the local economy. You get a good deal and you can feel good about helping your community, too.”

Arizona State Credit Union Awards Scholarships

Arizona State Credit Union Awards $34,000 To College Students, Graduates

Arizona State Credit Union awarded $34,000 in scholarships to 18 individuals – a combination of both college students and recent college graduates of Arizona schools.

The scholarships were awarded through Arizona State Credit Union’s Community Leaders Scholarship and Loan Reduction program.

The Community Leaders Scholarship provides help for students to pay for tuition, books and other academic expenses, whereas the Load Reduction Grant helps graduates pay for student loans. The graduates were awarded for their academic achievements and commitment to the community.

Recipients of the scholarships are from various Arizona schools, including Arizona State University, Northern Arizona University, University of Arizona, University of Phoenix, Gila Community College, Mesa Community College and Paradise Valley Community College.

“I commend each of these students for the commitment they have made to their education,” said David E. Doss, President/CEO of Arizona State Credit Union.

These scholarships are only one part of the scholarships and grants that Arizona State Credit Union supports. The Credit Union is a supporter of sustainability and providing assistance to the Arizonans and local communities that it serves.

Arizona State Credit Union is a non-profit, statewide financial cooperative. The company has 21 branches across Arizona that provides financial products and services.

The 18 award recipients are Casey Lee Green, Brigitte Steinken, Eric Lehnhardt, Mathew Wadsworth, Maria Pina, Sawsan Hamad and Kevin Denhardt, all of Arizona State University.

Camille Adkins-Rieck, Daniel Cheek, Noam Dorr and Alegra Savage are the recipients from the University of Arizona.

Timothy O’Donnel and Chelsea Wilson are of Mesa Community College, James Burgos and Angela Towner are of the University of Phoenix, Jacquelina Blanch of Gila Community College and Joseph Cook of Paradise Valley Community College are also recipients.

“It is a privilege to be associated with some of the state’s brightest and most deserving individuals,” Doss said. “I am certain their dedication will enhance not only their futures but the future of Arizona as well.”

For more information about Arizona State Credit Union or its Community Leaders Scholarship and Loan Reduction program, please visit www.azstcu.org.

 

Best of the Best Awards 2011, AZ Business Magazine Mar/Apr 2011

Best of the Best Awards 2011: Finance & Professional

Winner: National Bank of Arizona

National Bank of Arizona, AZ Business Magazine Mar/Apr 2011Opening its doors on Nov. 26, 1984, National Bank of Arizona was founded on a mission of building local relationships and providing exceptional customer service. More than 25 years later, its approach hasn’t changed. NB|AZ still prides itself on local expertise and delivering award-winning service. It’s grown from a single branch in Tucson to more than 76 branches in 56 communities throughout the state. Part of the Zions Bancorporation family, NB|AZ provides a suite of products and services tailored for its clients’ personal lives, businesses, specialty markets and wealth management. This comprehensive approach to banking enables National Bank of Arizona to be the only bank you need. Member FDIC.
Year Est: 1984
Principal(s): John J. Gisi, Keith D. Maio
Assets: $4.8B
National Bank of Arizona Logo, AZ Business Magazine Mar/Apr 20116001 N. 24th St.
Phoenix, AZ 85016
602-235-6000 www.nbarizona.com



Finalist: Arizona State Credit Union

Arizona State Credit Union, AZ Business Magazine Mar/Apr 2011Since 1951, Arizona State Credit Union has provided financial services and support to communities across Arizona. The $1.3 billion not-for-profit financial cooperative provides a full range of services to more than 130,000 current members online and through 21 branches statewide. Arizona State Credit Union offers competitive auto and home loan rates, high-yield savings accounts, affordable checking accounts, convenient online access and more. Local businesses have a wide variety of loan opportunities, working capital lines of credit and premium business checking accounts without premium fees. Arizona State Credit Union is headquartered in Phoenix.
Year Est: 1951
Principal(s): David E. Doss
Assets: $1.3B
Arizona State Credit Union Logo, AZ Business Magazine Mar/Apr 2011, Finance & Professional2355 W. Pinnacle Peak Rd.
Phoenix, AZ 85027
800-671-1098
www.azstcu.org



Finalist: Farmers Insurance Co.

Farmers Insurance, AZ Business Magazine Mar/Apr 2011Farmers Insurance attributes its success to its outstanding agency force and top-notch claims team. With more than 700 agents and 600 employees in the state, Farmers is an organization that believes in the future of Arizona. Farmers agents are available to provide sound personal advice to meet the individual client’s needs for auto, homeowners, life, financial services and business insurance. Farmers agents are leaders in their communities, investing in program development for local teachers and supporting family friendly initiatives. Farmers is the second-largest insurance provider in Arizona, protecting the autos, homes, businesses and lives of over 500,000 Arizona customers.
Year Est: 1928
AZ Agents: 700
Principal(s): Frank Soldano
Farmers Insurance Logo, AZ Business Magazine Mar/Apr 201118444 N. 25th Ave.
Phoenix, AZ 85023
602-588-3443
www.farmersinsurance.com


Arizona Business Magazine Mar/Apr 2011