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PHOENIX — The chairman of the Arizona Credit Union System acknowledged Friday the real estate fallout has created “a difficult climate” for a number of Arizona CUs including the state’s second largest, the $1.9 billion Arizona FCU, but that capital ratios are well above peer averages.

“If you take a look at Arizona Federal’s numbers as well as some of the others going through a difficult time, you have to see they are well capitalized,” said Stephen Dunham , the System head and president/CEO of the $150 million Canyon State CU of Phoenix.

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