Overview
Nizari Progressive Federal Credit Union (Nizari PFCU) is a member-owned financial institution dedicated to serving the Ismaili community since its inception in July 1989. Headquartered in Sugar Land, Texas, Nizari PFCU has extended its reach significantly, with over $422.33 million in assets and a membership exceeding 18,000 across the United States. It provides a comprehensive range of personal and business banking services designed to meet the diverse financial needs of its community.
Locations and Services
Nizari PFCU operates physical branches in Texas locations, including Sugar Land, Dallas, Austin, and San Antonio. Nationally, the credit union enhances accessibility for members via over 5,000 Shared Branches and robust online banking services. This network ensures members can access banking services conveniently from virtually any location in the country.
Financial Strength
The credit union boasts substantial financial stability with members' shares totaling $356.28 million and outstanding loans reaching $289.31 million. Nizari PFCU maintains a strong net worth of $36.93 million. As a federally insured institution, members' deposits are secured up to $250,000 by the National Credit Union Share Insurance Fund. The credit union's estimated annual revenue stands at $7.9 million, with each employee contributing approximately $168,000 in revenue.
Governance and Vision
Nizari PFCU's governance structure aligns with high ethical standards, overseen by a proactive Board of Directors responsible for regulatory compliance and strategic direction. The credit union emphasizes a member-focused approach, collaborating with community entities to enhance the socio-economic well-being of the Ismaili community.
Leadership and Key Personnel
The leadership team at Nizari PFCU consists of sector veterans driving the organization's success:
- Harold Coffman, Chief Executive Officer – Leads with extensive experience in banking.
- Sohail Shahabuddin, Chief Financial Officer – Focuses on strategic financial management based in Sugar Land, Texas.
- Ali Khowaja, Chief Operating Officer – Enhances operations with expertise in technology and strategy.
- Kiran Virani, Senior Mortgage Loan Officer
- Ayesha Malik, Operations Officer
- Naureen Gillani, Consumer Loan Officer
- Malik Kherani, Branch Manager
- Shehroz Maredia, Marketing Manager
- Afsheen Bhimani, Human Resources Manager
- Enayatullah Sultani, Senior Staff Accountant
- Anita Maredia, Member Service Representative
Community Engagement
Nizari PFCU reinforces its role as a community-centric institution by actively engaging with various councils and boards to deliver financial education, sponsor events, and support community enhancement initiatives. This engagement solidifies its position as the preferred financial institution for the Ismaili community.
Customer Service Excellence
The credit union is lauded for its exceptional customer service, with members frequently praising the personalized attention and responsiveness of its staff. These qualities demonstrate Nizari PFCU's commitment to efficiently resolving member issues and enhancing the overall banking experience.
Competitive Landscape
Nizari PFCU operates in a competitive market landscape with several noteworthy rivals:
- Nbe National Bank Equipment: Estimated revenue of $12.3M with 65 employees.
- Cypress Bay Solutions: Annual revenue of $19.3M with 92 employees.
- Federal Reserve Bank of Dallas: $407.8M in revenue and 1,387 employees.
- Keystone Bank: $27.1M revenue and 129 employees.
- First National Bank: $168.5M revenue and 816 employees.
These competitors vary in scale and service offerings, challenging Nizari PFCU to strategically navigate its position in the market.
Strategic Insights
Nizari PFCU serves its niche market by focusing on personalized banking services for the Ismaili community. Although it competes against larger financial institutions and regional service providers, the credit union can leverage its strong community ties and member-focused offerings as differentiators. Emphasizing digital banking services can further enhance member convenience and broaden its reach, aligning with current market trends among competitors.
