Still wrestling with large loan losses, Arizona Federal Credit Union of Phoenix is closing four of its branches next month.
"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, effective April 4, 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.
No layoffs are anticipated, and the CU plans to transfer employees from the closed branches to other locations, said a company spokesman.
"While we regret having to take this action, we do so as an appropriate step to ensure the long-term success of your credit union,"
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
