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News Now

CU System
Arizona FCU citing economy to close eight branches
PHOENIX (12/10/09)--Arizona FCU, Phoenix, announced Tuesday it will close eight of its 23 branches by January to ensure “long-term success.” By Jan. 16, Arizona FCU will close a Buckeye, Ariz., branch inside a retail establishment; a Phoenix branch inside a YMCA; and a Peoria, Ariz., branch inside a Wal-Mart (Phoenix Business Journal Dec. 8). By Jan. 30, the credit union will close two Wal-Mart branches in Phoenix and one each in Chandler, Ariz., and Avondale, Ariz. It also will close another branch in Chandler, its website said. In a letter to members of the credit union, President/CEO Ron Westad said the move “continues our efforts to consolidate our branch resources to meet the economic reality we all face, and helps to position us for future success,” according to the Journal. All employees displaced by the closures will be relocated to other branches or departments within the Phoenix-based organization, the credit union said. Arizona FCU lost $5.6 million in the third quarter. Through the first nine months of the year, the credit union lost $41.9 million, largely attributed to a loan loss provision of $77 million, the Journal said. Arizona FCU has $1.8 billion in assets. Calls to Arizona FCU by News Now were not returned by press time.


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