A.E.A. FCU Emerges from Conservatorship After 'Revamped Operations'

YUMA, Ariz. — A.E.A. Federal Credit Union, based here, once again is under the control of its members after five years of conservatorship, NCUA said Friday.

The credit union regulator placed A.E.A. into conservatorship in December 2010. According to an NCUA statement, under the agency's "guidance," the $243 million A.E.A., "revamped operations, improved lending controls, reduced expenses and continued to meet members' needs. Net worth at the credit union continues to grow through strong earnings."

A.E.A. is the second credit union to emerge from NCUA conservatorship in 2015. In September, $121 million Keys FCU, Key West, Fla., was released by NCUA after six years in conservatorship.

"Much of the credit for this success goes to the hard work of A.E.A.'s leadership team, credit union staff and the loyal membership," NCUA Board Chairman Debbie Matz said. "Working collaboratively with the agency, they were able to bring A.E.A. through a conservatorship, stabilize the credit union and continue providing services to members."

Chartered in 1942, A.E.A. Federal Credit Union serves 34,326 members through five branches. Membership is open to individuals and their family members who live, work, worship or attend school in Yuma and La Paz counties in Arizona.