"There's a feeling" that economic conditions are improving for Arizona credit unions but "we may not be there yet," according to Steve Dunham, the chairman of the Arizona Credit Union League.
Speaking over the weekend at the group's annual convention in Fort McDowell, Ariz., Dunham, president/CEO of the $145 million Canyon State CU of Phoenix, compared the CUs' plight to that of Winston Churchill during World War II.
"Seemingly we too are besieged from all sides as we endure the effect of our great recession," said Dunham listing the impacts of: "declining real estate values, increased unemployment, increased delinquency and charge-offs, corporate stabilization and declining profitability and losses and capital ratios."
Still, he said, "I believe that this can also be our finest hour as we persevere, rededicate ourselves to help and serve our members and perpetuate" CU philosophies. The key, however, is for CUs "to demonstrate unity, commitment and support each other" during this trying period.