In 1951, 16 school teachers pooled $84 to create what would become Pima Federal Credit Union. By 1983, the Tucson-based institution had $25 million in assets. Today, as Pima Federal commemorates its 75th year in business, president and CEO Eric Renaud said he’s happy to report that the figure has jumped to $1.7 billion, with 73,000 members.
Despite the substantial growth, Pima Federal’s dedication to the people where it first put down roots hasn’t changed. “We’ve grown considerably over the years, but we’ve never lost sight of the community where we began,” Renaud said. “No matter how much we grow, our roots remain here, and our commitment to this community remains at the heart of who we are.”
The credit union started out of the Amphitheater School District, and its main branch at the intersection of Stone Avenue and Prince Road has remained in the community since the 1950s. Renaud said continued local presence matters, especially as people are increasingly forced to deal with chatbots.
“At the heart of it, people are looking for something authentic and personable, and I think that’s what really has driven a lot of our success,” he said.
Pima Federal maintains fully staffed branches across Arizona, including in Pima County, the Phoenix metropolitan area and more rural communities. Renaud said those branches can be particularly important when members are dealing with complicated financial issues.
“You need to be able to sit down with someone at the branch and give them the time to work through every detail,” he said. “An AI agent simply can’t replace that level of personal support.”
That can mean helping members assess their income and expenses, consolidate debt, adjust loan payments or develop a longer-term financial plan.
“We strive to have meaningful, holistic conversations with our members about where they envision themselves in three to five years — and how, by committing to a thoughtful plan, they can achieve financial freedom,” Renaud said.
The credit union’s community role extends beyond traditional banking. Pima Federal partners with local schools and organizations to provide financial education. Its web-based Banzai tool guides students through activities on budgeting, decision-making and the consequences of financial choices. Employees also visit retirement communities to discuss elder exploitation, financial abuse and scams — all of which are unfortunately on the rise.
The credit union offers many of the same services consumers expect from a commercial bank, including checking and savings accounts, certificates of deposit, credit cards and auto, home and commercial loans. Its structure, however, is different. As a member-owned cooperative rather than a shareholder-owned institution, Pima Federal says its focus is on providing value to members.
“By managing our operating expenses responsibly, we’re able to deliver exceptional value on both loans and deposits,” Renaud said. “That commitment is central to our model and to how we give back to our members.”
That distinction does not mean Pima Federal is insulated from competition. Renaud acknowledges that consumers often comparison-shop and may maintain relationships with multiple financial institutions, while large commercial banks offer advantages of their own, including extensive branch and ATM networks.
Looking ahead, Renaud sees further growth as a way to extend the institution’s reach and its ability to give back to the communities it serves.
“Growth isn’t about becoming bigger simply for the sake of it,” he said. “It’s about achieving the scale that allows us to make a greater impact. We’re confident that we have something meaningful to offer the communities we serve.”
Visit pimafederal.org for more information.