Arizona Federal Credit Union, still wrestling with large loan losses, is closing four of its branches April 4.

"We've experienced a decline in demand for financial services across our branch network, which has led us to a difficult but appropriate decision," explained Ron Westad, president/ CEO of the $1.7 billion CU which recorded a staggering $115.9 million loss in 2008.

The closures, two in Mesa and one each in Phoenix and Tempe, will leave Arizona Fed with a total of 25 branches. The CU employs about 750 and local news reports said the CU staff had dropped by 68 through attrition.

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