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News Now

CU System
Arizona Federal to close two more branches
PHOENIX (4/16/09)--Arizona FCU said Tuesday it expects to close its two Tucson, Ariz., branches on unspecified dates. “When final actions and dates are determined, we will communicate directly with our members,” said Christopher Paterson, the credit union’s community relations manager, in a prepared statement (Tucson Citizen April 14). Arizona FCU, based in Phoenix, has $1.739 billion in assets, with 23 of its 25 branches in the greater Phoenix area, the newspaper said. In February, the credit union announced it closed four branches to deal with a decline in demand for financial services in the economy. At the time, Arizona FCU said a troubled economy contributed to a significant fourth-quarter loss and an undercapitalized position (News Now Feb. 17).


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