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Ariz. State CU Despite economy CUs lending
PHOENIX (8/9/11)--Despite a weak economy, Arizona credit unions still are lending to their members because asset quality and capital have remained high amid challenges from the financial system crisis, an Arizona State CU executive wrote in a letter published Friday in the Phoenix Business Journal. “Arizonans can help the local economy by securing a loan with an Arizona-based financial institution,” wrote Paul Stull, senior vice president, strategy and brand, for the $1.27 billion asset, Phoenix-based Arizona State CU. “People may find that borrowing specifically from a credit union provides additional benefits, as these financial cooperatives are not-for-profit organizations owned and controlled by their members, who live and work in Arizona. “This significant difference affects how credit unions operate, with every effort focused on benefiting the member,” he added. Lower interest rates and fewer or lower fees for services also are benefits from obtaining loans from credit unions, instead of other financial institutions, Stull wrote. “While credit unions are not immune to the effects of the less-than-optimistic economy, numerous headlines are incorrectly touting the idea that these financial institutions are not lending at this time,” he said. “It may be difficult to find credit unions with the same lending flexibility that existed several years ago, but they still are actively lending,” Stull added. “In fact, many consumers and businesses unable to obtain loans from banks turn to credit unions to fill this void.”


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