Keeping Arizona Money Working in Arizona
Where you keep your money may feel like a personal financial decision. But collectively, those decisions can shape which businesses get access to capital, which communities retain financial services and how much money continues circulating within Arizona.
That’s part of the thinking behind a growing collaboration among Arizona-based credit unions — institutions that might otherwise be considered competitors but are increasingly working together around a shared interest: strengthening the communities they serve.
In the latest episode of Local First Arizona’s Arizona Credit Union Podcast, Arizona Financial Credit Union President and CEO Amy Hysell and Executive Vice President and COO Chad Forkenbrock talk about what that collaboration looks like, why keeping financial resources local matters and how relationships can change what access to capital looks like for Arizona businesses and communities.
Choosing collaboration over competition
When Hysell became CEO of Arizona Financial, one of her goals was to build stronger cooperation among Arizona credit unions.
That included initiating a conversation that could have been uncomfortable: If an Arizona credit union is considering consolidation or needs a partner, could another Arizona institution be part of the solution rather than immediately looking out of state?
The larger idea was simple — keeping more financial resources and decision-making rooted in Arizona.
That initial conversation has since developed into broader collaboration among credit unions on challenges ranging from fraud prevention to financial education.
Rather than every institution independently developing the same resources, Forkenbrock said credit unions have been sharing information and exploring ways to educate and protect Arizonans collectively.
The shift reflects a philosophy Local First Arizona sees across the local economy: Businesses and organizations can accomplish things collaboratively that would be difficult — or expensive — to tackle alone.
Why local financial institutions matter in rural Arizona
That relationship-based approach becomes especially important in communities where financial options are limited.
Arizona Financial now serves members statewide, including communities throughout Western Arizona such as Quartzsite, Parker, Kingman and Lake Havasu.
In some of those places, Hysell said, other financial institutions have pulled out. Maintaining a local presence is therefore about more than expanding Arizona Financial’s geographic footprint.
It preserves access.
Local employees who know their communities can also bring something that can't easily be replicated from hundreds or thousands of miles away: familiarity with the people, businesses and circumstances behind a financial decision.
Arizona Financial’s expansion into business banking has also allowed the credit union to serve entrepreneurs whose businesses had previously outgrown what it could offer. Forkenbrock said business accounts are now one of the institution’s fastest-growing account categories, reflecting demand for those services.
The credit union has also launched microbusiness lending intended to give smaller businesses additional access to affordable capital.
When access to capital becomes a relationship
The importance of that relationship becomes clearest when a business hits trouble.
Forkenbrock recalled working with local businesses during the COVID-era Paycheck Protection Program, when many businesses suddenly faced circumstances entirely outside their control.
One restaurant operator Arizona Financial worked with was facing the possibility of laying off hundreds of employees. The credit union helped the business access PPP financing and navigate other available programs.
Years later, the same business is growing.
Arizona Financial is now working with the owner on expansion opportunities in metro Phoenix and Tucson — growth that means additional jobs, investment and economic activity in Arizona communities.
That trajectory illustrates why access to capital isn't simply about completing a transaction.
A financial institution that understands a business and maintains a relationship with its owner can be positioned to respond differently when circumstances change — whether that means helping a business survive a crisis or financing its next stage of growth.
Investing beyond banking
Arizona Financial also directs resources into community organizations through its Arizona Financial Foundation and Local Causes program, which focuses on smaller, locally rooted nonprofits.
Its partnership with Local First Arizona is another example.
Arizona Financial has invested in We Rise, Local First Arizona’s business accelerator for Black entrepreneurs, including funding awards for participating business owners in honor of the late Calvin Smith, an Arizona Financial board member and entrepreneur.
Hysell described the impact as a ripple effect: Invest in one organization or business, and its success creates opportunities to invest in others.
That's the same principle behind a strong local economy.
Money doesn't stop having an impact once it's deposited, borrowed or spent. Where it goes next matters.
A stronger financial ecosystem for Arizona
Arizona Financial is celebrating its 90th anniversary in 2026. The institution began in 1936 serving municipal employees and has evolved considerably since then, including expanding statewide and adding business and commercial banking services.
But the idea at the center of the credit union model — people pooling their financial resources to serve one another — remains relevant to a much larger question about Arizona's economic future.
Who holds our money? Who makes decisions about where capital goes? And how much of that financial power remains connected to the communities that generated it?
Keeping more of those relationships, resources and decisions rooted here gives Arizona communities more power to invest in their own future.
Listen to the full Arizona Credit Union Podcast conversation with Arizona Financial Credit Union President and CEO Amy Hysell and Executive Vice President and COO Chad Forkenbrock to learn more about the role locally based financial institutions can play in strengthening Arizona communities.
In this episode
Amy Hysell is the President & CEO of Arizona Financial Credit Union, leading the organization since 2023. With over 30 years of service, she has held key leadership positions at Arizona Financial and has played an instrumental role in the credit union’s growth and success. Through her leadership, Amy remains focused on sustaining and strengthening Arizona Financial’s core values, which are the foundation of the organization’s culture. Doing what’s right for the credit union’s member-owners, team members, and the community is at the heart of what she values.
Chad Forkenbrock is the EVP & Chief Operating Officer of Arizona Financial Credit Union. With over 20 years in the credit union industry, he graduated from Grand Canyon University with a bachelor's in finance and economics. He oversees Payments, Risk Management, Retail, Credit Administration, and Operations, ensuring solid operations and referable experiences. Chad is committed to service, delivering value to employees, members, and communities. His leadership focuses on empowering others and driving meaningful impact.
Thomas Barr
Vice President of Strategic Initiatives, Local First Arizona
Barr leads strategic initiatives focused on strengthening Arizona's locally owned businesses and locally driven economy.
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