Photo of Ronald L. Westad, our CEO
Ronald L. Westad
Third Quarter 2020 – We're in this together

We hope you and your family are staying safe and healthy as we enter our sixth month of navigating the impacts of the COVID-19 pandemic. We certainly empathize with the challenges our members and our communities are facing, and our teams continue to work hard to assist members through these difficult times.

Branch lobbies are open for service

While we’ve seen a significant increase in the use of online and mobile banking, our branch lobbies remain open to serve members. For everyone’s safety, we still recommend alternative banking channels (mobile, online, ATMs, phone, drive-thru) as your first choice, but if you do need to visit a branch lobby, we encourage you to make an appointment in advance. We’re practicing social distancing, which can limit branch capacity, especially at peak times. If you visit a branch lobby without an appointment, you may be asked to wait outside until space permits.

Face coverings required at branches

In line with the current Maricopa County mandate to wear face coverings in public, all employees and members are required to wear a cloth face covering or mask when going inside a branch. For additional information about our COVID-19 response, including FAQs, impacted services and financial resources, please visit

Financial performance remains strong …

Your credit union remains on solid financial ground despite the economic challenges the pandemic has created. We continue to see growth in new members, loans and deposits, while delinquent loans and impaired accounts remain low. However, we do recognize that some of this activity is being masked by government stimulus checks, enhanced unemployment benefits and loan payment deferrals.

But we’re expecting some financial hits

In anticipation of a potential increase in loan losses, we’ve set aside an additional $25.4 million in reserves. Even with that re-allocation of funds, our net worth ratio remains at 13.37%. Net worth is the primary measure of a credit union’s financial safety, soundness and health. At 13.37% of assets, or over $290 million, we have nearly twice the regulatory-required level to be considered “well-capitalized.” Arizona Federal is safe and sound.

Just like you, as we move through the remainder of 2020, we will continue to adapt to a different set of expectations than when we entered the year. While we may take some financial hits, they will be absorbed by our capital cushion, and we will continue to make financial concessions for the benefit of our members, our employees and our financial cooperative.

Thank you for your continued trust and support.


signature of Ronald Westad
Ronald L. Westad
President and Chief Executive Officer