The Story of AEA Federal Credit Union

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The Story of AEA Federal Credit Union

On April 21, 1942 an Organizational Certificate was submitted to the Governor of the Farm Credit Administration for the purpose of establishing the Arizona Education Association Federal Credit Union #2, or AEA FCU #2, to serve "Employees of the Boards of Education of Public Schools in Yuma County, Arizona."

The Credit Union was named "#2" because, at that time, there was an AEA FCU #1 in Phoenix. Seven founding members signed the original charter, which was approved by the Farm Credit Administration on May 6, 1942. The Credit Union began with the shares of these seven members, totaling only $35.00 in assets. The first loan approved by the Credit Union was to Carl Hossler for $50.00 in April of 1943.

For the first seven years the Credit Union was run out of a shoebox in Ruth Foster's desk drawer at Yuma Union High School. Ruth was then Board President of AEA FCU #2. Late in the year in 1949 the Board decided that the assets would be kept by the current Treasurer at his or her house.

In 1960 AEA FCU #2 moved to the home of Harry Moxon, the Credit Union Manager and first paid employee. A renovated house at 798 8th Avenue was purchased in 1963 and became the first official office of AEA FCU. The Credit Union was growing by leaps and bounds. 1966 was a landmark year as the Credit Union hit $1,000,000.00 in assets.

As time passed, the Credit Union charter expanded to include other groups of Yumans. In early 1970 the Yuma Federal Employees No. 1 Credit Union merged with AEA FCU #2. Shortly thereafter, City, County, and Civil Service personnel and their families were welcomed to membership. About this time AEA FCU #2 hit $2,000,000.00 in assets. In 1979, personnel of the Yuma Regional Medical Center were included in the membership, just in time to enjoy the newly constructed Credit Union building on Avenue A.

Harry Moxon retired in 1979 after 20 years of service to AEA FCU #2. Vern Hipsher stepped in to fill his shoes and Ken Bredemeyer was hired as Assistant Manager. In 1980 AEA FCU #2 became computer capable and was able to offer new and exciting services such as ATMs, Visa, Money Orders, Traveler's Cheques, IRA accounts, and Certificates of Deposit.

AEA FCU's first branch office opened in 1981. It was located on 16th Street. Also in 1981, AEA FCU #2 was able to drop the "#2" when the AEA FCU in Phoenix changed its name to Desert Schools Federal Credit Union. Lee Tucker replaced Vern Hipsher as Manager of AEA FCU in 1982.

The Colorado River Federal Credit Union merged with AEA FCU in 1986 and a branch office was opened in Parker, Arizona to accommodate those members. Ken Bredemeyer became Chief Executive Officer of AEA FCU in 1988. The Foothills Branch Office was opened in 1990 and was followed by the Somerton Branch Office in 1992. During that same year AEA FCU celebrated its 50th Anniversary.

In 1997 AEA FCU was granted a Community Charter by the National Credit Union Association. This opened up membership to "all persons who live, worship, or attend school in, and businesses and other legal entities located in, Yuma and La Paz Counties of Arizona." The Yuma Central Office opened its doors for business in 1999 with much fanfare.

With the new millennium came new service capabilities for AEA FCU. AEAonline™ was introduced in 2001 and made it possible for members to take care of many of their financial needs online. By logging on to the credit union's website members are able to access a wide range of worldwide e-services. Since that time, a variety of other e-services have been introduced as well.

AEA Federal Credit Union has long been a hometown favorite in Yuma County. In 2002, 2003, 2004, 2005, 2006, 2007, 2008, and 2009 residents voted the Credit Union, "Best of Yuma!"

History of AEA FCU

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