ALEXANDRIA, Va. (1/31/14)--The financial condition of AEA FCU, Yuma, Ariz., improved during the year just ended. The $234 million-asset credit union was placed into conservatorship in December 2010 to address its declining financial condition that regulators said stemmed from problems with its member business loan portfolio.
In a release Thursday, the National Credit Union Administration credited AEA's "strong commitment to member service" as the driver of its improved financial performance.
For the year ending Dec. 31, 2013, the credit union posted net income of $5.23 million, up from $3.15 million in 2012. Total assets at the end of the fourth quarter stood at $234 million, up $3 million from 2012, and the net worth ratio improved from 2012 by 70 basis points, ending the fourth quarter at 4.72%, the NCUA said.
The credit union has 41,000 members.