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Arizona Federal closes four branches
PHOENIX (2/17/09)--Arizona FCU announced Friday that it is closing four branches to deal with a decline in demand for financial services in the economy. The $1.894 billion asset, Phoenix-based credit union said a troubled economy contributed to a large fourth-quarter loss and an undercapitalized position (azcentral.com Feb. 13). No layoffs are anticipated, and the credit union plans to transfer employees from the closed branches to other locations, a company spokesman told the newspaper. “At Arizona Federal, we’ve experienced a decline in demand for financial services across our branch network, which has led us to a difficult but appropriate decision,” Ronald L. Westad, Arizona FCU president/CEO, said in a message on the credit union’s website. “We will be closing four of our branch locations effective April 4, 2009, consolidating them with other nearby locations,” he added. The branches that will close are:
* Greenfield branch, Mesa; * Fiesta Mall branch, Mesa; * South Mountain Branch, Phoenix; and * 48th Street in-store branch, Tempe.
“While we regret having to take this action, we do so as an appropriate step to ensure the long-term success of your credit union,” Westad said on the website. “The operating costs to maintain a 29-branch network in this economic environment are no longer prudent, given the reduced demand. “We remain committed to serving your financial needs, and we’ll re-examine our branch network from an expansion perspective when we return to better times, just as we have from a contraction perspective during these times,” he concluded.
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