Credit Union West Puts Their 💲 Where Their 🏡 Is
If you are familiar with Credit Union West you probably already know that they are an award winning financial cooperative committed to enhancing quality of life for Arizona.
What you may not know, is that they are also deeply committed to supporting other local businesses. As proof of that commitment, they recently made the decision to switch their office supplies provider to Tempe-based Wist Office Products. Credit Union West and Wist are a match made in local business heaven: both companies have been serving Arizona for 60+ years and have been recognized as leaders in their industries. Credit Union West announced their decision in September at a Local First Arizona business member mixer hosted at their newly renovated Glendale branch.
As a sustaining member of Local First Arizona, Credit Union West understands the tangible benefits of investing in our local communities. A study performed by the Institute for Local Self-Reliance found that purchasing from a locally owned store has almost four times as much economic benefit for the surrounding region as shopping at a chain store. The study also found that local retailers return an average of 52% of their revenue to the local economy, compared to just 14% for chain retailers.
Credit Union West’s decision to source form Wist Office Products will create a ripple effect throughout the local economy. Evan Norris, the credit union’s Community Relations Specialist, explains the thinking behind their decision: “Since Credit Union West has been partnering with Local First Arizona, we’ve become much more aware of the impact that working with other local businesses can have on our community. This partnership with a fellow long-time local business, Wist Office Products, keeps so much more of our dollars here benefitting our local communities, and that’s really important to us.”
Local credit unions like Credit Union West play an essential role in strengthening our state’s economy. In 2011 approximately 97% of Arizona's money was held in out-of-state banks and credit unions. By 2016, that number had lowered to 94%. That change is important because community banks and credit unions lend more to local businesses and keep money circulating in the Arizona economy. Keeping your money in a local financial institution means your money is working for you and for your community!