Phoenix Welcomes USAA Federal Savings Bank’s New Home
Hey there, Phoenix! Exciting news is brewing as USAA Federal Savings Bank has officially made the sunny city its new home. After nearly four decades in San Antonio, this banking giant has quietly moved its operations to Phoenix, and there are plenty of details to dig into.
A Quiet Transition
The transition took place in April, just a couple of months before USAA merged the Federal Savings Bank with USAA Savings Bank, which happens to be based in Las Vegas. So, if you thought the merger and relocation came with a lot of noise and fuss — think again! It was all pretty smooth behind the scenes.
USAA Federal Savings Bank, which was once the biggest name in Texas banking, had about $111.7 billion in assets last year, making it the fourth-largest bank operating in the Lone Star State. This new move may mean its physical presence is now in Arizona, but USAA assures its banking customers that it’s business as usual. According to company spokesperson, Roger Wildermuth, it’s more of a “paper move” aimed at streamlining operations.
Operations Remain Local
For those in San Antonio who are worried about losing their services, don’t fret. The local office at 10750 McDermott Freeway will continue to serve as the main hub for local members. This means they’ll still get to meet face-to-face with a representative when they need to. Isn’t that reassuring?
Changes on the Horizon
Now, it’s no secret that USAA has faced some tumultuous changes recently. Since March 2022, the company has had multiple rounds of layoffs and recently confirmed a second this year. Although they haven’t disclosed specific numbers, it’s been reported that employees in areas like compliance, risk management, and consumer lending were affected.
As of June, USAA Federal Savings Bank was home to about 14,563 employees across the U.S., which has dropped from 14,967 at the end of 2022. Meanwhile, the San Antonio office is down to about 17,000 employees, marking a decrease from its previous total of 19,000.
History in the Valley of the Sun
Phoenix isn’t just a random choice for the new headquarters. USAA has had a significant presence in the area for over 20 years now, having established a large operations center there back in 1999. The serene, sprawling campus boasts fantastic amenities including a cafeteria, fitness center, and child development center. Sounds like a nice workplace, doesn’t it?
In the spirit of being forward-thinking, USAA’s move to Phoenix was part of a broader strategy to remain operational even in the face of potential disasters back in San Antonio. Fast forward to now, and this move enables USAA to capitalize on the growing number of its members as it strives to provide services to its 13 million military members, veterans, and their families.
Leadership Shifts and Challenges
In addition to the big relocation, there have been some major leadership changes at the top. Bank President Paul Vincent stepped down at the end of May, and CEO Wayne Peacock announced he would retire in the first half of next year. Under his leadership, the company has faced both highs and lows, including a shaky financial history and some hefty settlements for alleged breaches of duty to service members.
Despite these issues, one bright spot for USAA has been its recognition as one of the most reputable banks in the U.S. for eight years running! That’s quite an accomplishment, wouldn’t you say?
The Bottom Line
As USAA Federal Savings Bank embarks on this new chapter in Phoenix, one thing seems certain: they are committed to continuing to serve their members with the same dedication they have always shown. With local services remaining in place and a promise of stability, USAA seeks to adapt and thrive in this new environment. Here’s to new beginnings for USAA in the beautiful city of Phoenix!
