Meeting the state's economic doldrums head-on, the $460 million First Credit Union is closing five Arizona branches next month in a move reflecting both declining activity and a shift in consumer preference for online services.
First CU, located in Chandler, a south Phoenix suburb, numbers among large CUs in the state that continue to struggle with large loan losses, high delinquencies and unemployment among members. The CU lost $13.3 million last year on top of $11.7 million in 2008.
"We felt now was a good time to go through a retooling and a consolidation considering changes taking place in the market with online tellers, ATMs, mobile branching and shared branching taking on new importance," explained Lori Gallegos, executive vice president/chief operating officer.
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