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PHOENIX — Using both its Website and a letter to members, the $1.9 billion Arizona Federal Credit Union went public this week on a $42.5 million mid-year “hit” of loan losses attributed to what its CEO said was the poor economic conditions in Arizona “impacting our members’ financial well being on everything from job losses to meeting payments on the car loan.”

While the numbers “are ugly,” said President/CEO Ron Westad, the CU’s overall 8.23% net and financial condition remains strong based on what he said are “multiple layers” of protection.

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