Seeking to help restore its financial health, the $1.7 billion Arizona Federal Credit Union of Phoenix is closing two more branches in Tucson this June bringing its facility count at 23.
Earlier this year it closed four branches, two in suburban Mesa, one in Tempe and another in Phoenix.
"We'll have more to say about the closing and our condition in a statement to our members which we post tomorrow," said Ronald Westad, president/CEO of the Phoenix CU which suffered a $115.3 million loss for 2008 and $14 million in the first quarter.
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The CU has blamed the ailing Arizona economy and the accompanying housing/mortgage slump for its troubles.
"The NCUA assessment sure did not help," said Westad noting a $2.4 million writeoff in WesCorp, the California corporate seized last month by NCUA along with U.S. Central Corp. in Lenexa, Kan.
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