The $1.5 billion Arizona Federal Credit Union is taking another step toward retrenchment next year by closing eight Phoenix area branches, including in-store branches located in Wal-Mart facilities.

The state's second largest CU, troubled all year by large loan losses and on an NCUA watch list, said it will shutter the branches deemed less than profitable in a move impacting 50 employees.

The CU did not state how much it would save by the action described as regretful "but an appropriate step to ensure the long-term success of our credit union."

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