Desert Schools FCU Expands Wal-MartPact

PHOENIX - (06/13/06) – Desert Schools FCU said Mondayit plans to open nine more in-store branches over the next twoyears, including seven more in Wal-Mart Stores. The new Wal-Martbranches, planned for 2007, will make a total of 26 in partnershipbetween the $2.5 billion credit union and the retail giant,according to C. Lee Brice, vice president of branch operations.Desert Schools is confident of its relationship, which calls forfive-year leases and five-year renewals at the credit union’soption, despite Wal-Mart’s application for an industrial loancompany charter, as the company has pledged not to develop its ownin-store branches. “We are in Wal_mart for one reason only,and that is to have access to their customer base in order to growour business,” Brice told The Credit Union Journal. Thecredit union has contracts for 32 in-store branches, with 19already in Wal-Marts, three in Albertson’s, Frye’s, andtwo opening in Safeways this year.