2024
Annual
Report
A Message from the President & CEO
Dear members,
As I reflect on 2024, I want to start by expressing my deepest gratitude to you – our members. Your trust and partnership are the foundation of everything we do at OneAZ Credit Union. Our mission has always been to serve as a force for good for all Arizonans, and this year, we’ve taken bold steps to ensure we continue to drive prosperity and create meaningful impact in the communities we serve.
At OneAZ, we are committed to empowering the next generation of Arizonans – those launching careers, growing businesses, and securing financial stability for their families. This year, nearly half of our 27,000 new members reflect Arizona’s growing community:
- Young Professionals: Supporting those establishing careers and building financial independence
- Latino Families: Providing tailored financial solutions that foster homeownership, savings, and generational wealth
- Small Businesses & Entrepreneurs: Fueling innovation and economic growth with accessible lending and treasury-management solutions.
Arizona is growing, and so are we. By expanding where our state is thriving, OneAZ is clearing the path for a stronger, more prosperous Arizona – one member, one business, and one community at a time.
One of the most exciting milestones of 2024 is our partnership with 1st Bank Yuma. This strategic acquisition expands our footprint with five new branches and thousands of new members joining the OneAZ family. As a result, OneAZ will grow to well over $4 billion in assets, serving more than 220,000 members across the state.
This partnership is more than just growth – it's about uniting two organizations with a shared passion for community and service. Together, we are expanding access to exceptional financial solutions while staying true to our values that make credit unions unique.
Technology is the driving force behind how we connect with our members-and how you connect with your finances. This year, we took a major step forward in digital innovation through our partnership with Backbase, the creator of the Engagement Banking Platform.
This collaboration is modernizing OneAZ’s technology architecture, allowing us to deliver a seamless, hyper-personalized digital banking experience that goes beyond traditional financial services.
By unifying our IT architecture around one platform, we will simplify the member experience, increase speed and agility in launching new innovations, and gain greater control over future digital advancements.
We are excited to roll out these enhancements by late 2025, delivering a digital banking experience that is smarter, faster, and more intuitive than ever before.
This year, we’re introducing a revitalized brand identity that reflects the spirit of the members we serve – driven, ambitious, and building the future of Arizona. You'll notice a fresh look and vibrant colors, and a modern design that embodies the energy and innovation that define OneAZ.
But this transformation isn’t just about aesthetics – it's about reaffirming our dedication to meeting the evolving needs of today’s dreamers and doers. Whether you're launching a business, growing your career, or working toward financial independence, OneAZ is here to clear the path forward with smarter banking, innovative solutions, and unwavering support.
The future at OneAZ is brighter than ever. As we build on our 73-year legacy, we remain committed to fostering financial empowerment, strengthening communities, and delivering best-in-class service.
Thank you for your continued trust and support – we are honored to be part of your financial journey and look forward to serving you for many years to come.
Respectfully yours,
Brandon Michaels
President & CEO
A Message from the Chairman
Dear members,
On behalf of the OneAZ Credit Union Board of Directors, I want to express my sincere gratitude for your continued membership and trust. This past year has been one of remarkable growth and transformation for OneAZ, and we are proud to serve more Arizonans than ever before.
Our commitment to financial strength and stability remains unwavering. In 2024, we delivered strong financial performance, ensuring that OneAZ remains a secure and sound institution
for our members. As a not-for-profit credit union, our priority is to reinvest in our members
and communities, providing competitive rates, enhanced digital tools, and an expanded
branch network to better serve you.
We are especially excited about OneAZ’s strategic expansion, including our entrance into the
Yuma market. This growth is part of our long-term vision to connect with members in every corner of the state, ensuring that all Arizonans have access to the financial solutions they need to thrive.
At the heart of this success is our leadership team, led by President & CEO Brandon Michaels,
who continues to drive OneAZ forward with an eye on both the credit union industry and the broader financial landscape. In an era of rapid change, from digital banking advancements
to AI-driven innovations, OneAZ is well-positioned to navigate this evolving marketplace while maintaining the personalized service that sets us apart.
As a Board, we take our role as stewards of this institution seriously. Our governance journey
has sharpened our strategic focus, ensuring we are guiding OneAZ with sound oversight and
a deep commitment to our members. We work closely with leadership to develop strategies
that will sustain OneAZ’s growth, enhance member experience, and build financial
security for the future.
I am very proud of the work done by our executive team and associates to serve our members
with excellence. Their dedication and passion are the foundation of OneAZ’s success, and we
are committed to supporting them as they continue to elevate our service and impact.
Looking ahead, OneAZ is stronger than ever. Our financial health, strategic growth, and commitment to innovation ensure that we will continue to be a trusted partner for our members for years to come. Thank you for being part of the OneAZ community – we are honored to serve you.
Respectfully,
Jon Borge,
Chairman,
OneAZ Board of Directors
Trailblazing Through 2024
This year marked another step forward in OneAZ’s journey of innovation and service. While transformation is constant, our mission remains steadfast: inspiring dreams and driving prosperity and community growth through innovative solutions.
As we build on our 73-year legacy, we continue to embrace new technologies and enhance our processes – always with our members at the heart of every decision. Whether you’ve recently joined us or have been part of our journey for years, we’re grateful for your trust and partnership.
Here are a few ways we impacted Arizonans in 2024:
Making an Impact Where Arizona Needs It Most
Nearly half of our new members reflect the communities we’re built to support.
Young Professionals
Latino Families
Small Businesses
48%
of new members
45%
of new deposit accounts
44%
of new loans
10 Key Awards
OneAZ Community Foundation
Improving Communities Across Arizona
The OneAZ Community Foundation upholds our mission of truly improving lives in the communities we serve by supporting nonprofit organizations throughout Arizona. The Foundation is funded largely by members – each time a member uses their OneAZ debit card we donate one cent to the OneAZ Community Foundation. This means that as OneAZ grows, our ability to change lives in our members’ neighborhoods also grows.
2024 Giving
Community Service
Our associates engage with communities in more meaningful ways, like volunteering more than
2,250
hours in the community to connect with others and make a difference.
Pillars of Support
With the critical role that OneAZ places in strengthening Arizona’s current and future economy, we want to fund long-standing solutions to Arizona’s unique challenges (and opportunities!). Our new pillars of support align Foundation funding to the OneAZ Credit Union aspiration to inspire dreams and drive prosperity in the communities we serve.
Economic Empowerment
& Entrepreneurship
Initiatives fostering economic independence through financial inclusion, entrepreneurship, and financial literacy
Community
Vitality
Initiatives fostering lasting community prosperity through programs enhancing access to essential services, community cohesion, and cultural vibrancy
Developing
Future Leaders
Initiatives cultivate a generation of empowered and skilled leaders through participation in civic engagement, mentorship,
or professional development
The Impact
In 2024, the Community Impact Grant provided
$5,000 grants
to 30 nonprofits
in the communities where our members live and work – a total of $150,000 given across Arizona!
See our full grant recipient list below.
Community Impact Grants
Northern Arizona:
Organization: Real Hope, Inc.
Program Funded: Food for All
Foundation Pillar: Community Vitality
76,800 individuals directly impacted
“The Community Impact Grant has allowed us to expand our food distribution efforts, reaching more families in need and strengthening our mission to fight food insecurity. With the support of the OneAZ grant last year, we rescued over 5.6 million pounds of food from going to the landfills and instead provided nutritious groceries to individuals and families throughout Arizona. This amount of food equates to approximately 4.65 million meals, ensuring that thousands of people had access to the nourishment they needed. The impact of this grant has been truly transformative for our community.”
– Daniel Carrillo, Executive Director
Phoenix-metro area:
- Organization: 100 Black Men of Phoenix, Inc.
- Program Funded: Men of Tomorrow Academy
- Foundation Pillar: Economic Empowerment & Entrepreneurship
246 underrepresented youth directly impacted
“The OneAZ Credit Union Community Impact Grant provides essential funding that empowers our organization to equip underserved, underprivileged, and underrepresented youth with the resources they need to succeed in life. This grant enables us to offer stability, mentorship, and guidance – showing young people that success is attainable by those who come from their own communities. More importantly, it allows us to sustain our long-term commitment, ensuring our mentors support these youth session after session, month after month, and year after year, from junior high to high school and beyond.”
-Rabbanni FurQaan, President
Southern Arizona:
Organization: Groundswell Capital
Program Funded: AVANZA Empowerment Fund
Foundation Pillar: Economic Empowerment & Entrepreneurship
35 individuals directly impacted
"Access to low barrier capital and high-quality financial education is essential to meet the needs of our community and build economic prosperity and resilience. Groundswell Capital could not do our work without the support of partners like OneAZ who see the importance of building financial capacity in small and microbusinesses. Thank you OneAZ for envisioning a community where all small businesses can thrive and for your commitment and support to Groundswell Capital."
-Dre Thompson, CEO
Legacy Grants
We also donated $60,000 to two nonprofit organizations as part of our Legacy Grant program. These organizations were chosen because each presented an opportunity for OneAZ to make a significant impact on the community that will last for years to come.
2024 Legacy Grant Recipients
Young & Empowered Women - $30,000:
The grant will expand the capacity of Young & Empowered Women to deliver mentorship and networking opportunities, serving more women with meaningful experiences that will motivate young leaders to strive for what’s next. “This support brings us one step closer to closing the gender gap by providing professional development, mentorship and networking opportunities for rising female leaders across Arizona.” Veronica Aguilar, Founder and Chair of Young and Empowered Women.
State Forty Eight Foundation - $30,000:
The grant will help elevate the State Forty Eight Foundation’s Entrepreneur Speaker Series, which aims to encourage and inspire Arizona’s small business owners.
Fueling Arizona’s Entrepreneurs with $30,000 Legacy Grant
At OneAZ Credit Union, we champion the bold spirit of Arizona’s entrepreneurs – those who take risks, innovate, and build something from the ground up. That’s why we awarded a $30,000 Legacy Grant to the State Forty Eight Foundation, an organization dedicated to empowering small business owners with the knowledge and connections they need to thrive.
This grant serves to amplify the impact of the foundation’s Entrepreneur Speaker Series (ESS), a powerful program that brings together C-suite executives, industry leaders, and community experts to inspire and equip Arizona’s entrepreneurs. Each session tackles key business challenges and opportunities, delivering real-world insights, practical strategies, and a sense of community that fuels success.
“This grant is an investment in the dreams and aspirations of local entrepreneurs,” said Brandon Michaels, President & CEO of OneAZ Credit Union and President of the OneAZ Community Foundation. “The State Forty Eight Foundation is a critical hub for elevating small business owners and OneAZ is proud to support their efforts.”
Mike Spangenberg, Chairman of the State Forty Eight Foundation, shared his appreciation for the grant: "Earning this grant is a reminder of the impact we can achieve when we come together for a greater cause. Supporting Arizona entrepreneurs and small business is not just a mission – it's a responsibility we proudly carry forward.”
2024 Community Impact Grant Recipients
Northern Region $50,000
- Ascension Ranch Food Security Network
- Dewey-Humboldt Firewise
- Greater Cottonwood Chamber Foundation
- Manzanita Outreach
- Prescott Area Shelter Services
- Real Hope, Inc.
- Science Vortex of Verde Valley
- Score Northern Arizona
- The Launch Pad Teen Center
- Verde Valley Leadership
Central Arizona Recipients - $65,000 (13 grants)
- 100 Black Men of Phoenix
- ARG Cultivators Community
- Arizona Council on Economic Education
- Arizona Microcredit Initiative
- AZ Reach
- CDT Kids
- Fostering Heroes Foundation
- Gilbert Education Foundation
- Lights Camera Discover
- OCA Greater Phoenix
- OCJ Kids
- Solano’s No Limit Hoops
- The Seva Club
Southern Arizona Recipients - $35,000 (7 grants)
- 3rd Decade
- Casa de los Ninos
- Dark Mountain Development dba Groundswell Capital
- Owl & Panther
- Social Venture Partners Tucson
- The EAC Foundation
- YWCA of Southern Arizona – Women's Business Center
Empowering Future Leaders
Lights Camera Discover (LCD) is transforming young lives through their innovative Youth STEAM Program. With support from our Community Impact Grant under our new Developing Future Leaders pillar, LCD is breaking the cycle of generational poverty by introducing students to career opportunities in performance and digital arts that they might never have considered.
The program's impact is perhaps best illustrated by Macie, a former student who has now become an intern instructor. "Before joining Lights Camera Discover, I never imagined myself working behind the camera, let alone teaching others," she shares. "LCD changed my path, and I'm so grateful to be part of a program that proves creativity can open doors you never knew existed."
LCD’s award-winning approach goes beyond traditional education, incorporating anti-bullying and social awareness into their curriculum while teaching valuable STEAM skills that can lead to sustainable careers.
Kema Charles, CEO & Executive Director of Lights Camera Discover, emphasizes the impact of the $5,000 grant: "It has allowed us to expand our reach, providing more underserved youth with the tools and opportunities to explore STEAM careers through digital arts. With this funding, we are not just teaching skills – we are shaping futures and empowering the next generation to see themselves as creators, innovators, and leaders."
Diversity at OneAZ
We are committed to transparency and accountability on our journey towards creating an equitable banking experience for our members, an inclusive culture for our associates, and a community that uplifts the lives of all Arizonans.
Demographic Representation
OneAZ Associates
526 =
Arizona Population
82 Total Promotions in 2024
Gender
Ethnicity
Management Promotions: 21
Assistant Manager: 2
Assistant Director: 2
Regional Manager: 4
Vice President: 2
Manager: 10
Market President: 1
Innovation Vision
Innovating for a Stronger Financial Future
At OneAZ, we aim to provide seamless, inclusive, and empowering financial experiences for our members. We are committed to breaking barriers and delivering solutions that drive financial well-being for all Arizonans. In 2024, we put in place two key initiatives that transform the way members access financial services: the Credit Flex Auto Program and our partnership with Backbase.
Revolutionizing the Digital Experience with Backbase
In today’s fast-paced world, our members need a digital banking experience that is intuitive, efficient, and tailored to their needs. By partnering with Backbase to implement their cutting-edge Engagement Banking Platform, we are redefining how members interact with OneAZ. This transformation will provide a better digital experience, simplifying member onboarding, streamlining back-office workflows, and positioning OneAZ at the forefront of financial technology. As we roll out this platform, members can look forward to faster, smarter, and more personalized banking solutions.
Expanding Access with Credit Flex
The Credit Flex Auto Program is a game-changer for members who may have previously faced roadblocks when applying for an auto loan. Credit Flex allows OneAZ to offer competitive auto loans to consumers who previously would not have qualified because of a lower credit score. This program is a direct reflection of our commitment to financial inclusion – helping members turn aspirations into achievements.
Our Vision
Innovation at OneAZ is about leading the way, rather than keeping up. Whether it’s through expanding financial access or enhancing digital convenience, we are setting the stage for a future where every Arizonan has the financial tools they need to thrive. As we move forward, we remain dedicated to reimagining banking with purpose, technology, and a relentless focus on member success.
Financial Summary
At OneAZ, financial strength is a promise to our members and associates. In 2024, our continued growth and stability were driven by the dedication of our team and the trust of our members. Thanks to this collective effort, OneAZ remains a strong, dependable financial partner, empowering Arizonans to thrive today and in the future.
| Balance Sheet | $ Thousands | 2024 | 2023 |
|---|---|---|
| Cash and cash equivalents | $226,836 | $115,424 |
| Investment Securities | ||
| Investments | $725,791 | $1,025,795 |
| Loans to members, net of allowance for loan losses | $2,323,405 | $2,121,321 |
| Premises and equipment | $64,844 | $65,315 |
| NCUSIF Deposit | $26,686 | $26,897 |
| Other assets | $28,179 | $29,774 |
| Total Assets | $3,395,741 | $3,384,526 |
| Members' share accounts | $3,029,231 | $2,961,070 |
| Borrowed funds | $80,000 | $180,066 |
| Accrued expenses and other liabilities | $20,030 | $22,818 |
| Total Liabilities | $3,129,261 | $3,163,954 |
| Total members' equity | $266,480 | $220,574 |
| Total Liabilities and Members Equity | $3,395,741 | $3,384,528 |
| Statement of Income | $ Thousands | 2024 | 2023 |
|---|---|---|
| Net interest income | $118,831 | $102,458 |
| Provision for loan losses | $11,042 | $7,359 |
| Net interest income after provision for loan losses | $107,789 | $95,098 |
| Non-interest income | $39,650 | $38,200 |
| Non-interest expense | $115,023 | $108,387 |
| Net income | $32,416 | $24,913 |
OneAZ & 1st Bank Yuma:
Expanding Our Commitment
to Arizona
In October 2024, OneAZ Credit Union and 1st Bank Yuma officially entered into a definitive agreement for OneAZ to acquire 1st Bank Yuma. This strategic move reflects our shared commitment to community-focused service and the vision of driving positive change across Arizona.
With this partnership, OneAZ will grow to over $4 billion in assets, serving more than 220,000 members across the state. By adding 1st Bank Yuma’s five branches in Yuma, San Luis, and Nogales to our network of 20 branches, we’re expanding deeper into Southern Arizona and boosting our ability to make a real difference for the people and businesses in these communities.
Stronger Together
Our partnership with 1st Bank Yuma contributes to our mission of inspiring dreams for all Arizonans. Here’s why:
Expertise
We’re combining OneAZ’s consumer lending strength with 1st Bank Yuma’s commercial banking expertise to create a more comprehensive financial institution.
Impact
We’re creating new possibilities for members and businesses, sparking growth, and building a brighter future for all of Arizona.
Community
We’re expanding 1st Bank Yuma’s community outreach and financial education efforts to enhance economic growth and financial wellness across Arizona.
Looking Ahead
Pending final regulatory approval, the acquisition is expected to close in mid-2025, with full integration anticipated by 2026. Together, we are building a stronger foundation to serve the evolving financial needs of Arizonans for years to come.
Leadership Perspectives
With the acquisition of 1st Bank Yuma, OneAZ is taking a bold step toward fulfilling our commitment to driving positive change across Arizona. This partnership expands our reach into the rapidly growing markets of Yuma and Santa Cruz Counties, where we know we can have a positive impact on the local economy to ignite even more growth and prosperity for those communities. 1st Bank Yuma has a proud legacy of community investment in Southern Arizona, and we're excited to build on their incredible work. Together, we'll drive economic growth and opportunity, ensuring that everyone in Southern Arizona has the chance to thrive and dream.
Brandon Michaels, President & CEO of OneAZ Credit Union
We share similar values, and our partnership with another Arizona-based financial institution extends our legacy of meeting the needs of our customers, while being a strong partner with the communities in Yuma and Santa Cruz counties. This strategic transaction enables us to offer our customers a wider array of products and services. We believe that this partnership is a good fit not only for our customers but also for our dedicated employees, and the communities we proudly serve.
Wayne Gale, President & CEO of Western Arizona Bancorporation & CEO of 1st Bank Yuma
Dr. Ryan Williams,
Treasurer, OneAZ Board of Directors
Treasurer's Report
The Board of Directors Treasurer oversees the financial health and stability of the
Credit Union.
The OneAZ Board of Directors Treasurer plays a critical role in safeguarding the Credit Union’s financial wellness and supporting its strategic goals of inspiring dreams and driving prosperity for all Arizonans. Collaborating closely with OneAZ’s management, the Treasurer monitors financial performance, ensures adherence to regulatory requirements, and assesses risks to maintain and strengthen OneAZ’s financial position.
As Treasurer, I am proud to report that OneAZ continues to be a strong, stable and secure financial institution. Last year, we saw 0.33% growth, with our asset size now over $3.39 billion. A critical measure of a financial institution's health is the Capitalization Ratio. This ratio provides organizations with a look at things like their financial stability and growth potential. With the improvement in our capital position from 8.55% to 9.48%, it puts OneAZ in a position to succeed.
The OneAZ Board of Directors, executive team, and management are fiercely committed to ensuring the security and stability of the Credit Union. We are invested in building a strong foundation, so that we can continue to grow and positively impact the lives of more Arizonans for many years to come.
Capital Strength Graph Update
Supervisory Committee Report
The OneAZ Supervisory Committee ensures the safety and soundness of OneAZ’s assets and activities.
The Supervisory Committee, appointed by the Board of Directors, plays a vital role in safeguarding OneAZ Credit Union’s assets and ensuring sound governance. Through regular collaboration with the Board, Credit Union leadership, Risk Management/Internal Audit teams, external auditors, and regulators, the Supervisory Committee reviews activities and audit results to maintain the Credit Union’s integrity and compliance.
During the year, the Supervisory Committee performed a number of key oversight functions to ensure that the credit union’s financial practices were in line with industry standards and regulatory requirements. These activities include:
- Internal Audit Reviews: We reviewed the internal audit reports provided by the internal audit department, focusing on the results of the most recent internal audits and any issues raised in the audits.
- External Audit: The external audit report confirmed that the credit union’s financial statements were fairly presented in accordance with generally accepted accounting principles (GAAP).
- Financial Statement Review: We reviewed the financial statements, including the balance sheet and income statement, in detail on a quarterly basis to ensure accuracy and completeness.
- Compliance and Regulatory Reviews: We reviewed policies related to lending practices, member services, and operational procedures to confirm compliance with regulatory requirements.
- Internal Controls: The committee reviewed the internal control systems to assess whether they were effective in safeguarding the credit union’s assets.
- Risk Management: We reviewed the credit union’s risk management processes and procedures, including the identification, assessment, and mitigation of operational and financial risks.
- Member Feedback: We evaluated member concerns and complaints regarding the credit union’s operations and took action where necessary to address issues raised by members.
OneAZ’s Supervisory Committee has employed the independent accounting firm Doeren Mayhew to conduct an independent audit of the Credit Union’s 2024 financial statements. This is intended to ensure adherence to generally accepted accounting principles and to verify membership account procedures. Additionally, the Arizona State Department of Financial Institutions and Insurance and the National Credit Union Administration jointly completed their annual regulatory examination of the Credit Union’s operations.
The Supervisory Committee has concluded that OneAZ Credit Union continues to be financially strong and soundly managed. Additionally, the Credit Union remains compliant with financial and operational internal controls and applicable regulatory requirements.
We wish to express our appreciation to the Board of Directors, management and staff for their continued cooperation, compliance and dedication to the success of OneAZ Credit Union.
Henry Blanco, Chairman | Sara Click, Member | Paul Thomas, Member
2024 Board of Directors
Jon Borge
Chairman
Dr. Pearlette Ramos
Vice Chairperson
Dr. Ryan Williams
Treasurer
Georganna Meyer
Secretary
Martha Rozen
Director
Ed Sanchez
Director
Sam Wheeler
Director
Marquetta White
Director
Joseph C. Smith
Advisory Director
