SPECIAL REPORT 2026
THE REGION’S BUSINESS MAGAZINE
PIMA FEDERAL CREDIT UNION TURNS 75
The Pima Federal Credit Union executive team, from left, Bruce Barnett, Chief Technology Officer; Celyna Cervantes, EVP, Chief Growth and Strategy Officer; Eric Renaud, President & CEO; Sarah Holt, Chief People Officer; Adam Coggshall, Chief Credit Officer
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BizCOMMUNITY
Pima Federal Credit Union Turns 75 For the Members, the Employees & the Community
INSET PHOTOS COURTESY PIMA FEDERAL CREDIT UNION
PHOTO BY BRENT G. MATHIS
By Jay Gonzales
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From the day 75 years ago that a small can to create meaningful value for our group of Tucson teachers pooled $84 to membership.” form a credit union for themselves and While the credit union sprouted from their counterparts, Pima Federal Credit the efforts of teachers, after 75 years, its Union has worked diligently to remain service goes beyond the education comtrue to its purpose – serving its memmunity. In 2009, it merged with Desert bers, its roots, and its community. Energy Credit Union, which was the In those 75 years, Pima Federal has credit union for Tucson Electric Power grown from that $84 to start in 1951, to and Southwest Gas employees. There a full-service credit union that remains are 14 brick-and-mortar branches focused on education and has now acstretching from Green Valley through cumulated $1.7 Tucson, into Phoebillion in total asnix’s East Valley, sets with a grander and in the White purpose than makMountains. ing a profit for itStill, its reason self. for existing re“What are we mains tied to its doing to support roots in education. each member “That committhrough every ment will always stage of their firemain at the heart nancial journey?” of what we do,” is how President said Celyna Cer& CEO Eric Renvantes, EVP, chief aud describes the growth and stratcredit union’s misegy officer. “Our – Eric Renaud sion and its role roots in education President & CEO in the community. continue to inspire Pima Federal Credit Union “We’re not focused how we support on selling products. We’re focused on schools, students and educators.” serving people. At the end of the day, Like most credit unions, Pima Federal our responsibility is to do everything we is steadfast in its personal approach to continued on page 150 >>>
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At the end of the day, our responsibility is to do everything we can to create meaningful value for our membership.
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BizCOMMUNITY continued from page 149 its members. Questions are answered locally. Decisions are made here. Branch employees understand that when a member approaches them, they have a responsibility to make them welcome and meet their needs. It takes a special kind of employee, working within a culture grounded in shared values to deliver that level of service consistently, said Sarah Holt, Pima Federal’s chief people officer. The shared values are specific, Holt said − service excellence, teamwork, integrity, engagement and community involvement. “These five values truly define our culture − who we aspire to be, how we guide the decisions we make, and the kind of people we seek to welcome to our team,” Holt said. “When we find people who are rooted in those values, we can teach them the skills they need to succeed.” Pima Federal Board Chair Jason Larter, a retired Oro Valley Police officer, said the employees are one of the best things about the credit union in that they embody the overall credit union mission which is to be there for members who come for personal service they might not be able to get at a bank. “You’re only as strong as the people on the front lines – the employees our members see and rely on every day,” Larter said. “We do things a little differently, and that is by design. We operate as a leaner organization, but our greatest asset will always be our employees and their shared commitment to serving members in a way that sets Pima apart from other financial institutions.” None of that implies that financial performance takes a back seat, Renaud said. Quite the opposite. Renaud said he believes a credit union has to be financially strong if it is going to provide meaningful value to its members. With an already lengthy career in the credit union business, Renaud joined Pima Federal as CFO in 2011. He was named interim president and CEO in October 2015, and was named to the position permanently in January 2016. “My journey in that is to be very fiscally disciplined so that we can afford to 150 BizTucson < < < Fall 2026
give the best value to our membership,” he said. As he evaluated the organization, Renaud thought Pima Federal had room to improve its financial performance and operational efficiency. “We weren’t growing significantly at the time,” he said, noting that while growth is not the sole measure of success for a credit union, “it is an important indicator of scalability and longterm viability.”
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You’re only as strong as the people on the front lines – the employees our members see and rely on every day. – Jason Larter
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Board Chair Pima Federal Credit Union
The larger concern when he became CEO, he said, was that high expenses and low earnings limited what the credit union could give back to its members and the community. His response was to make the organization more efficient − not simply for the sake of producing better financial numbers, but so those improvements could ultimately benefit members. “I really wanted to operationally create a much more efficient shop, so that we could lower operating expenses and then provide that value,” he said.
That member-first philosophy also shapes how Pima Federal employees interact with the people who walk through its doors. “I want Pima Federal to be a place where people with financial needs can turn with confidence – knowing they will be treated fairly, supported without excessive fees, and made to feel comfortable asking for help,” said Board Member Linda Kennedy, who served as chair until May and was on the Desert Energy Credit Union board when it merged with Pima Federal. “What I value most is that we help people achieve financial success.” Renaud acknowledges that banks and credit unions both have an interest in providing good service, but he sees a fundamental difference behind Pima Federal’s approach. “We want to meet that member where they are when they come in,” Renaud said. Or, in Bruce Barnett’s world, anywhere the members make contact with the credit union often via technology that is generally expected to match or exceed what they can find at a bank, not only in service and convenience, but in security. “Your first touch point with your members is your technology,” said Barnett, the credit union’s chief technology officer. “Most members are signing up online. They’re learning about you from the internet. They’re opening up an account online with your app, seeing how your systems work. You have to be as good or as seamless as Wells, Chase, B of A, because that’s what they expect.” In the end, Renaud said, Pima Federal’s role in the community is not so much a battle for market share as it is to provide financial services and value to its members. “The way I see our community, and our broader place across the state, is that there is ample opportunity for everyone,” Renaud said. “What weighs most heavily on me is the human side of our work. At the end of the day, it is, and always will be, about people.”
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BizCOMMUNITY
‘Shared Values’ Employee Culture Embeds Pima Federal in the Community By Jay Gonzales At Pima Federal Credit Union, community involvement does not begin with a sponsorship check or end with a volunteer event. It starts inside the organization, with the people who serve its members and the community every day. The credit union’s approach is rooted in a culture that places equal importance on employees, members and the communities they serve. The idea is that if employees genuinely care about their work and the people around them, that commitment will ultimately be reflected in every interaction with a member. Chief People Officer Sarah Holt said the company’s culture is rooted in five shared values: service excellence, teamwork, integrity, engagement and community involvement. Those values influence how Pima Federal hires as well as how it develops its employees. Holt said that from the beginning of the hiring process, the organization looks for people who already possess the characteristics that fit its culture. “We try to keep that conversation present throughout the recruiting process,” Holt said. “While skills can be taught, those innate characteristics and qualities are much harder to develop. When someone already shares those values, they are more likely to be a strong fit, embrace our culture and carry it forward into the community.” President & CEO Eric Renaud has taken a similarly personal approach to building the workplace culture. To him, that means breaking down the barriers that can come with being the chief executive and encouraging employees to enjoy their work by being themselves. “I want every person to feel they can bring their whole self to work,” he said. 152 BizTucson < < < Fall 2026
“It is a sentiment that is often repeated, but not every organization truly understands how to make it part of the culture.” That approach also extends to the way employees interact with members. Unlike a sales-driven model in which employees might be rewarded, for example, for opening particular types of accounts, Renaud said Pima Federal wants employees to focus on the needs of the individual member. “We’re a not-for-profit, memberowned financial cooperative,” Renaud said. “At the end of the day, it’s our responsibility to do the best we can for our membership.” Celyna Cervantes, EVP, chief growth and strategy officer who has spent 14 years with the credit union, said that human connection is one of the things she values most about her work. “For me, what is most meaningful is the opportunity to connect with our members, our community and the people I work alongside every day,” Cervantes said. “Each interaction is a chance to help someone, understand their story and strengthen the relationships that make this work so rewarding.” Those relationships inside the credit union also help fuel its involvement in the community. Holt said employees have an “intrinsic care” for the communities where they live and work, and the organization encourages them to devote time to causes that matter to them. As of the end of August, Pima Federal employees had accumulated 2,165 volunteer hours in 2026. Those hours include paid volunteer time, personal volunteer work, company-sponsored activities, and events employees come up with themselves.
That connection between employee culture and community involvement is deliberate. “I believe our employees all have that intrinsic care for the communities where they live and which they serve,” Holt said. Lynette Arvizu, Pima Federal marketing director, said that philosophy is particularly important for an organization founded in Tucson and built around serving its members, which initially were education-based. “We would not be here without our members, and we would not be here without the community,” Arvizu said. “There is a true sense of social responsibility to give back to the people and places that helped build us.” Founded by teachers, the credit union continues to place education at the center of its community efforts, including school supply drives and financial-literacy programs. But its definition of community has expanded. Since 2013, the annual Pima Federal Golf Classic has raised almost $900,000 for community organizations, while the credit union also supports causes involving youth, food insecurity, housing and other needs. Arvizu said the common thread is strengthening the community as a whole. “We try to let those values guide everything we do,” she said. “I believe our actions are what make that commitment visible. By doing much of the volunteer work ourselves, we are able to truly walk the talk.”
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Eric Renaud President & CEO Pima Federal Credit Union
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BizLEADERSHIP
A Vision for Members, Employees CEO Eric Renaud ‘Believes in What We’re Doing’ By Jay Gonzales
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“I didn’t fully underBeing president and stand the distinction CEO of a billion-dollar between a bank and credit union was never really on Eric Renaud’s a credit union at first. radar as he journeyed That understanding through his career, in developed over time,” financial services, at a Renaud said. “What software company, at I came to deeply apa bank and eventually preciate is that, while to Pima Federal Credit financial performance Union. matters, it is not the sole measure of our success. “CEO was never in At the heart of what we my view,” Renaud said as he sat in his office as do is helping each mempresident and CEO of ber navigate their own Pima Federal. “I think financial journey and I was really looking improve their financial at someday achieving well-being.” chief financial officer. That philosophy I thought there was an would eventually beopportunity for that in come central to the way the credit union space.” he approaches leader– Eric Renaud ship at Pima Federal That opportunity President & CEO both with members and came while he was livPima Federal Credit Union with employees. ing in the Phoenix metAfter serving as CFO ropolitan area in 2011 at Pima Federal for a little more than four working for a credit union when an executive recruiter contacted him about a CFO posiyears, he accepted the interim president and tion at Pima Federal. Having gotten into the CEO position in October 2015. Four months credit union business in 2003 as a treasurer later, he was named president and CEO. and in finance, he had begun to understand The transition brought a different set of how the credit union model was different challenges. continued on page 156 >>> from banks – and he liked it.
I want people to feel comfortable being genuinely themselves at work, while also inspiring one another to be a little better each day than we were the day before.
PHOTO BY BRENT G. MATHIS
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BizLEADERSHIP continued from page 155 Renaud had gone from being an executive peer to leading many of those same executives. Relationships changed, he said, and he had to learn how to balance his own goals for the organization with supporting the leaders responsible for individual areas of the credit union. But one issue quickly became clear to him − Pima Federal needed to become more financially and operationally efficient to be able to provide the services it needed to for its members and its employees. That value, in his view, went beyond simply providing the friendly, personal service to members that most credit unions are known for. He knows members also want competitive loan and deposit rates and fewer fees and most of the services they can get at a bank. Renaud believed that financial discipline would make those things possible. It’s a two-sided coin – serving the members while creating a culture where employees buy into a member-first phi-
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losophy. “One of the things I really admire about him is when he comes into a room or when he has an idea or if one of his staff has an idea, there’s genuine enthusiasm,” said Pima Federal Board Chair Jason Larter. “He believes in what we’re doing. It’s not a brochure. It’s not a tagline. He truly believes in what we’re doing.” “I want people to feel comfortable being genuinely themselves at work, while also inspiring one another to be a little better each day than we were the day before.” Renaud said. “I think we’ve been able to find employees that really appreciate that, resonate with that, support that.” His leadership philosophy also places a premium on knowing employees personally. Renaud said he tries to meet with every department without its executive at least once a year, giving him an opportunity to know employees by name and allowing them to see him as a person rather than simply as the CEO.
Celyna Cervantes, EVP, chief growth and strategy officer, said Renaud’s vision of the culture is more than words. “I think he models it,” Cervantes said. “You see it when he’s out interacting with the community. He’s very clear with what our vision is. “He challenges us to think about what it truly means to make an impact in the community and what we want Pima Federal to represent,” Cervantes said. “That gives us the opportunity to share our input and creates deeper buy-in because we understand the why.” And his concern for employees extends beyond their work at Pima Federal. “I’m deeply invested in our employees,” Renaud said. “I want them to know we care not only about who they are and the work they do at Pima, but also about their future and the path they’re building beyond our organization.”
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Maximizing Value Meeting Members’ Needs By Jay Gonzales For Pima Federal Credit Union, deciding what products and services to offer its members starts with a question that has little to do with selling a product. It starts with asking what members need. That philosophy shapes everything from the credit union’s financial offerings to the way employees interact with members, whether that interaction takes place at one of its branches or through a digital channel. “Our focus is on maximizing value for our members,” said Adam Coggshall, chief credit officer for Pima Federal. “We do that by offering low-cost loan products, keeping fees low and identifying services that fill meaningful gaps in the community.” “Ultimately, we want to ensure our services truly reflect the needs of the community,” Coggshall said. “That is our purpose. It is why we exist, and it is woven into who we are.” That approach reflects a broader effort at Pima Federal to make the member experience the starting point for decisions about the credit union’s products, services and delivery channels. CEO Eric Renaud said the credit union had a strong member focus when he took the job in 2016, but he believed it needed to do more to give people a reason to choose Pima Federal. The answer wasn’t simply to offer more products, he said. Instead, Pima Federal has sought to create an experience in which members can get the financial services they need while having access to people who can help them navigate those choices. 158 BizTucson < < < Fall 2026
“In banking, strong service is often tied to retaining and growing client relationships, and many bankers are rewarded through sales incentives,” Renaud said. “At Pima Federal, our member service representatives are not measured by whether they sell five checking accounts or earn a bonus for doing so.” That distinction is important, Renaud said. Celyna Cervantes, EVP, chief growth and strategy officer, said serving members is often less about a particular financial product and more about understanding the circumstances behind the need. “Exceptional service begins with truly understanding our members and our community,” Cervantes said. “Our goal is to recognize what people need sometimes before they realize they need it and be ready to help.” That philosophy also influences how Pima Federal approaches its digital services. Not every member wants or needs face-to-face interaction, and Pima Federal recognizes that convenience is an important part of modern banking, whether it’s with a bank or credit union. Sarah Holt, who oversees the employee culture at Pima Federal, said the goal is to give members a choice without losing the personal element that distinguishes the credit union. “The beauty of our approach is that we can serve members in the way that works best for them based on their preferences, circumstances, location or whatever else shapes how they choose to connect with us,” Holt said. That means technology isn’t viewed as a replacement for people. Instead, it
is another way for Pima Federal to deliver the same member-focused philosophy. “We’re focused on ensuring our technology is designed around our members’ needs − fast, easy to use, efficient and as seamless as the apps they and their families use every day,” said Bruce Barnett, Pima Federal’s chief technology officer. When Coggshall talks about “gaps,” one big one that Pima Federal is addressing is the ability of the first-time homebuyer to buy a home in a market where the average sale price is roughly $325,000, according to Zillow, the popular property search site. One way is through a loan program Pima Federal participates in, Tucson Welcome Home, with five other local credit unions. The other is to let members know that the decisions on loans – whether for a home or a car − are going to be made locally with a lean toward finding a way. “Local decision-making is critically important,” Coggshall said. “We’re a close-knit team, and I’ve always encouraged our loan underwriters that when a decision is not clearly yes or no, we should look for every responsible way to make it a yes. “If we were to experience a loss on an auto loan, it would not define the credit union or jeopardize who we are. What matters is understanding the full story. When the circumstances make sense, we consider those qualitative factors and make a thoughtful, informed decision.”
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Chief Credit Officer Pima Federal Credit Union
Celyna Cervantes Executive VP and Chief Growth & Strategy Officer Pima Federal Credit Union www.BizTucson.com
PHOTO BY BRENT G. MATHIS
Adam Coggshall
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