| Desert Financial Credit Union | |
| Type: | Credit union |
| Area Served: | Arizona |
| Key People: | Jeff Meshey, President & CEO |
| Industry: | Financial services |
| Services: | Savings
|
| Assets: | $5.9B USD (June 2020) |
| Num Employees: | 1,100 |
| Subsid: | Desert Financial Services, LLC[1] |
| Foundation: | 1939 |
| Location: | Phoenix, Arizona United States |
| Locations: | 48 traditional and in-store branches in central Arizona plus e-Branch online |
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]
Desert Financial was originally named Arizona Educational Association (A.E.A.) #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 Federal Credit Union (following a brief existence as Desert School Employees Federal Credit Union) to better define its 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]
In 2018, the Desert Schools Federal Credit Union was renamed Desert Financial Credit Union, in order to address misconceptions that it still only served members of the education community.[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".[6] [7]
In 2019, Desert Financial bought the naming rights to the Arizona State University arena and renamed it to the Desert Financial Arena. The agreement cost $1.5 million per year for 5 years.[8]
Desert Financial currently serves approximately 400,000 members. Individuals that live, work, worship, or attend school in the following Arizona counties may join Desert Financial Credit Union:
Additionally, family members of current or eligible members may also join.
Desert Financial Credit Union offers a variety of financial products, including:
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.[14]