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Deb Kay of Smokey’s Mercantile and Adam Perlman of Ray Federal Credit Union. Mila Besich-Lira | CBN
Adam Perlman the Manager for Ray Federal Credit Union set out on a mission to grow the Kearny-based credit union into more a regional financial institution. Perlman’s first interactions with the branch was when he was working as an auditor that audits credit unions. When the branch manager job opened up he applied and the board hired him.
Two of the most recent projects by the RFCU is the successful application to the United States Department of Agriculture (USDA) which provides funding to local financial institutions to create a revolving loan fund small and emerging business loans. The USDA loans can be applied for at the Ray Federal Credit Union, and can be used to purchase capital expenses, equipment and in some cases operating expenses. These loans are only available to businesses in rural Pinal and Gila Counties focusing on the communities of the Copper Corridor. In other areas of the country these loans are used to help a business grow or get off the ground; with low interest rates and flexibility these loans often to help fill a niche that other financial institutions can not meet. Businesses are still required to have solid business plans in their loan application process.
The other major project is the opening of a new branch in Superior. Construction of the branch is underway and RFCU is awaiting final clearance from the town council in Superior on the installation of an ATM on Main St. The branch will be located in the co-op space Smokey’s Mercantile next door to the Superior Chamber of Commerce on Main St. The branch will feature the services available at the Kearny branch. Perlman is anticipating the Superior branch to be open by mid March.
He has been with the RFCU since 2012 during his tenure, the credit union has had a 57% growth in total assets, membership has grown by 75% from 1,514 in 2012 members to 2,651 members in 2015. Perlman was also quick to become actively involved with the community and increased donations to the community.
RFCU has tried to meet the banking needs of the community after the closure of Bank of the West. In addition to offering savings, checking and loans they also provide bill payment service to over 1000 creditors and utilities for those that prefer to make cash payments in person, these payments are posted directly to those accounts using the service at the credit union. The Kearny branch also features a coin counter. Membership is still required and they have many ways that you can qualify as a member explained Perlman.
Perlman encourages local residents to come in and see how RFCU can provide financial services to for both personal and business needs.
Mila Besich is a resident of Superior with two children. She volunteers for many local organizations. She is an experienced fundraiser and event planner for Copper Corridor Economic Development Coalition. She covers some of the area town councils and schools.
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