YUMA, Ariz. – AEA FCU, which reported a whopping $25.9 million loss for 2009, said it plans to shutter its downtown branch and close the main offices for business on Saturdays in an effort to reduce expenses.
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The $370 million credit union is closing its downtown branch in mid-April and consolidating its services at a central location. In addition, the call center that had occupied the back of the downtown branch office will be relocated to the central office later this spring.
The losses at the state’s ninth-largest credit union, which held as much as $405 million in assets a year ago, reduced its net worth ratio to just 2.9%, which puts it in the “critically undercapitalized” category.
