PHOENIX – Arizona FCU, which has been fighting one of the worst economies in the country, said yesterday it plans to close eight more branches in 2010 to help cut expenses.
The $1.5 billion credit union has been closing branches over the past year as it struggles with losses of $116 million for 2008 and $42 million for the first three quarters of 2009.
"While we regret having to take this action, we do so as an appropriate step to ensure the long-term success of our credit union," Ron Westad, president of Arizona Federal, said in a communication to members. "This continues our efforts to consolidate our branch resources to meet the economic reality we all face, and helps to position us for future success."
Of the branches to close, seven are in-store branches with limited service capacity. The intention was to eventually replace them with free-standing facilities, but given the current market conditions the credit union is no longer in a position to pursue that expansion. The eighth location was selected due to an expiring lease.
