ALEXANDRIA, Va.—A.E.A. FCU of Yuma, Ariz., has emerged from conservatorship.
NCUA announced Friday that the $243-million CU is now under the control of its members.
“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.”
NCUA placed AEA into conservatorship in December 2010. Under NCUA’s guidance, A.E.A. revamped operations, improved lending controls, reduced expenses and continued to meet member’s needs, the agency stated, adding net worth at the CU continues to grow through strong earnings.
A.E.A. is the second credit union to emerge from NCUA conservatorship in 2015.
Chartered in 1942, A.E.A. serves 34,326 members and operates five branches.