There are leaders who talk about purpose — and then there are leaders who live it. Jeff Meshey, President & CEO of Desert Financial Credit Union, is firmly in the latter category. From the moment you speak with Jeff, it’s clear that success, to him, has never been about chasing profits or accolades. It’s about people. It’s about community. And most importantly, it’s about doing the right thing — especially when it’s hard.
Desert Financial Credit Union was founded in 1939 by a small group of teachers who pooled together exactly $78.75. They weren’t trying to build an $8 billion institution. They were trying to help one another. That spirit of shared success still defines Desert Financial today, now serving more than 450,000 members across Arizona. Under Jeff’s leadership, the organization has grown exponentially — but it has never lost sight of why it exists.
One of the first things Jeff is quick to clarify is what a credit union really is. “We’re a not-for-profit cooperative,” he explains. “We don’t have customers; we have members.” That distinction matters. Members are owners, and that reality fundamentally shifts how decisions are made. “Our attention is focused squarely on our owners,” Jeff says. “It’s not about making money. It’s about making an impact.”
That belief led Desert Financial to adopt its now well-known “Give & Grow” philosophy—before the pandemic ever hit. And when COVID arrived, instead of pulling back, Jeff and his team doubled down. What followed was one of the most extraordinary demonstrations of leadership I’ve seen from a financial institution.
Jeff showed up – literally — speaking directly to the community, acknowledging fear and uncertainty, and making a promise: we will be here. Desert Financial forgave loan payments, adjusted branch hours to protect seniors, supported shut-ins, and rapidly deployed resources to food banks and nonprofits. These weren’t PR moves. They were values in action.
Jeff will be the first to tell you there was no playbook. “None of us were trained for a pandemic,” he says. But he did know two things: the community was hurting, and Desert Financial had the ability to help. “We wanted to be a leader,” he explains. “And we wanted to set an example.”
The impact was immediate. When larger banks struggled to serve small- and medium-sized businesses during the SBA PPP rollout, Desert Financial stepped in: fast. Many of those business owners are still members today. Strategy played a role, of course, but Jeff is clear: “This was born out of our passion to help people.”
There’s a misconception that “not-for-profit” means “no profit.” Jeff is quick to dispel that myth. Desert Financial maintains nearly $1 billion in retained earnings to ensure sound operations. “We have to operate responsibly,” he says. But what makes their model unique is intentionality. Every year, the first thing they budget for is giving — to members, to employees, and to the community.
The results speak volumes. In 2024 alone, Desert Financial gave back $20 million directly to members through its Give Back Bonus program, bringing total distributions to $70 million over six years. They consistently rank among Arizona’s top philanthropic organizations.
For Jeff, success became deeply personal through Desert Financial’s partnership with Phoenix Children’s Hospital. The credit union funds “One Darn Cool School,” an in-hospital education program that allows children to keep up with their studies while receiving treatment. When Jeff’s own daughter needed care there, the impact of that work came full circle. “The last thing you want to worry about when your child is hospitalized is school,” he says. “Knowing we supported that made all the difference.”
One of the most powerful lessons Jeff shared came from a moment when he chose heart over protocol. A longtime employee needed a kidney transplant. Legal and HR advised against getting involved. Jeff went against that advice. In the end, it wasn’t an employee — but a member — who donated the kidney. “I can’t think of a bank customer who would donate a kidney to a bank employee,” Jeff says. “That’s the difference between a credit union and a bank.”
The lesson? “Always do what you believe is right,” Jeff says. “More often than not, it turns out positive.”
That same philosophy extends to Desert Financial’s employees. The organization is consistently named one of the best places to work in Phoenix, and Jeff believes purpose is the differentiator. New hires often say they joined because they wanted to be part of something meaningful.
That commitment to people includes education. Four years ago, Desert Financial launched a program allowing employees to take online classes from Arizona State University at no cost—any subject, any path. “More educated employees are better employees,” Jeff says. The program has strengthened retention, recruitment, and engagement, graduating six to ten employees each year.
When Jeff reflects on the journey—from $78.75 to $8 billion—he’s humbled. “When I arrived 30 years ago, nobody knew who we were,” he says. “Now, people overwhelmingly believe in what we stand for.” That growth didn’t happen by playing it safe. It happened by thinking bigger, acting with courage, and staying relentlessly committed to helping people.
And that, to me, is what true c-suite success looks like. You can watch the interview any time on C-Suite TV or listen to the podcast on C-Suite Radio.
