Where You Bank Shapes What Gets Built in Arizona
OneAZ Credit Union leaders Mike Bowden and Chip Griffith explain why locally rooted financial institutions matter for Arizona businesses and communities.
When we talk about choosing local, we usually think about where we shop, eat or hire a service. But some of our most consequential economic choices happen long before we make a purchase.
One of them is where we keep our money.
Money deposited with a locally rooted financial institution can become capital for an Arizona business ready to grow, financing for a family buying a home or investment in a community working to create new opportunity. And when lending decisions are made by people who understand the places those dollars will go, it can change who gets access to that capital in the first place.
That’s why banking local is an important — and sometimes overlooked — part of building a locally driven economy.
In a recent Arizona Credit Union Podcast conversation, OneAZ Credit Union CEO Mike Bowden and Chief Member Experience Officer Chip Griffith discussed what that looks like for a financial institution serving communities across Arizona.
[Watch or listen to the conversation]
Local knowledge can change a financial decision
The Power of Place in Lending
Local knowledge can fundamentally change a financial decision.
OneAZ Credit Union has been part of Arizona's fabric since 1951, when it was founded to serve state employees. Today, the credit union operates 25 branches across the state, with two more planned, serving communities from Yuma to Flagstaff and Tucson to Safford.
That geographic reach is especially significant in rural Arizona. Seventy-five percent of OneAZ members live in rural communities, and its largest branch is in Safford, a community with a population of ~10,000.
For Bowden and Griffith, serving communities like Safford isn't simply a matter of putting a branch in a smaller market. It requires understanding that the economic realities, priorities and opportunities in rural Arizona can look very different from those in metro Phoenix.
That means having people on the ground who know the community and can understand what businesses and residents actually need — rather than approaching every market with the same assumptions.
As Griffith explained in the podcast, rural communities don't necessarily want to be told to “be like Phoenix.” They want financial partners that understand their local roots and can help them build from their own strengths.
For OneAZ, that local knowledge shapes how it serves members and evaluates opportunities. A business in Safford isn't operating in the same economic environment as one in Phoenix. Local industries, workforce conditions, customers and opportunities differ. A financial institution embedded in the community can bring that context to a financial decision in ways that may not appear in a standardized formula.
Local decision-making isn't simply about geography. It can help determine who gets an opportunity to build — and whether communities can build on their own terms.
What happens after you deposit your money?
Credit unions operate differently from traditional shareholder-owned banks. As member-owned, not-for-profit financial institutions, their resources are directed toward serving members rather than generating returns for outside shareholders.
At OneAZ, that local investment takes several forms.
More than 50 financial coaches work with members across the state on budgeting, saving and navigating financial decisions. OneAZ also invests in Arizona communities through its Community Foundation, which grew out of the credit union's response to the Granite Mountain Hotshots tragedy in Prescott.
Today, a portion of that giving is generated one debit-card transaction at a time. OneAZ contributes a penny to the Foundation with each qualifying debit card purchase, collectively generating roughly $1 million annually for community investment.
A penny isn't much on its own. But multiplied across thousands of people making ordinary transactions every day, it becomes another example of how financial activity can be put back to work in the communities where it originates.
Building a stronger local financial ecosystem
OneAZ isn't making this case alone.
It is part of Arizona Credit Unions, a statewide coalition that has grown from four participating credit unions to nearly 20. Institutions that might otherwise be considered competitors are collaborating around a shared goal: helping more Arizonans understand credit unions and the role they can play in the state's financial landscape.
That collaboration comes at an important time. Arizona has relatively few locally owned community banks, leaving credit unions among the financial institutions with a distinctly local stake in who gets financed, where resources flow and which communities receive investment.
For consumers and business owners, that makes where we bank another way we participate in Arizona's economy.
Just as choosing an Arizona business can keep more of a purchase working close to home, choosing where we deposit, borrow and invest can influence where financial resources go next.
And making that choice starts with asking questions.
“Seek information. Ask for advice,” Griffith said. “That's what we're here for: to truly be a trusted partner.”
[Watch/listen to the full Arizona Credit Union Podcast conversation]
Find Arizona's best locally-owned businesses at localfirstaz.com and a directory of locally-owned credit unions at azcreditunions.com.
In this episode
Chip Griffith is OneAZ Credit Union’s Chief Member Experience Officer. In this role, Chip leads the organization’s Marketing, Community, Business Development and Member Experience functions, overseeing the end to end member journey to drive growth, engagement, and loyalty.
Chip has been with OneAZ Credit Union for eight years and brings more than 24 years of experience in the financial services industry. Prior to his current role, he served as Senior Vice President and Chief Retail Sales Officer, where he led all branch and virtual regions, retail operations, and the Member Care Center.
In 2024, Chip earned his Certified Credit Union Executive designation through the University of Wisconsin–Madison, a hallmark leadership certification within the credit union industry.
He is also a Certified Credit Union Financial Counselor.
Chip is active in community service and serves as a Certified Ambassador for the Greater Phoenix Economic Council and TGEN. He is also Treasurer and Board member with the Chandler Compadres raising more than $10 Million for the underserved youth since 2020.
As OneAZ Credit Union’s Interim CEO, Mike Boden is responsible for leading the organization in advancing its mission to improve the lives of members, associates, and communities through trusted financial solutions and service excellence. Mike has served OneAZ for over a decade, most recently as the credit union’s Chief Financial Officer, where he oversaw the direction, coordination, and evaluation of OneAZ’s Finance, Accounting, Risk Management, and Facilities functions. Mike has played a pivotal role in driving the credit union’s financial success and risk management strategies. He is highly skilled in asset liability risk management, investment portfolio management, financial modeling, and accounting, ensuring the organization maintains a strong financial foundation while optimizing growth and member value.
An executive leader with 30 years of experience in building and supporting world-class financial institutions, Mike is deeply committed to fostering a people-first culture. He has a proven record of leading, motivating, and inspiring organizations to achieve strategic objectives while promoting individual growth and inclusion. His ability to align priorities with a clear strategic vision has led to measurable success. Before joining OneAZ, Mike spent 20 years in progressive leadership roles at American Express, including serving as Controller for Global Corporate Payments and Global Travel Services, Director of International Finance & Reporting, and Manager of International Treasury Services.
Mike holds a Master of Business Administration from Arizona State University and a Bachelor of Arts from Brigham Young University. He is a Certified Public Accountant (CPA) in the State of Arizona and a Certified Credit Union Investment Professional.
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.
Put your money to work locally
Being a Localist isn't just about where you spend your dollars. It's also about where you deposit them.
Locally headquartered credit unions keep financial resources, relationships and decision-making connected to Arizona communities — helping individuals, businesses and organizations invest in their own futures.
Explore Arizona's locally headquartered credit unions and find one that fits your needs. azcreditunions.com
Find our state's best locally owned businesses at localfirstaz.com