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PHOENIX — In separate announcements Monday, the $1.8 billion Arizona Federal Credit Union said it has distributed nearly $4 million in dividend earnings to its members while also disclosing what it calls an “exclusive” and precedent-setting pact with the city’s YMCA organization to open its first financial institution branch.

The credit union’s YMCA branch, to open in early March in a low income Hispanic neighborhood, west Phoenix, is designed, in part, to counter and provide an alternative to the proliferation of payday shops in the area, officials said.

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