Pima Federal Credit Union (PFCU) has reached a definitive agreement to acquire the assets and assume liabilities of Republic Bank of Arizona (RBAZ), a state bank based in Arizona. The transaction, which will be completed entirely in cash, will see PFCU take over RBAZ’s three branches located in Phoenix.
Under the terms of the agreement, all customers and accounts currently held by RBAZ will continue to be serviced by Pima. Following the acquisition, both RBAZ and Republic Bank plan to dissolve their operations.
This purchase also marks an expansion for Pima as they add three new branches located in Phoenix, Gilbert, and Scottsdale to their existing network of nine locations across Tucson metropolitan area and Springerville. This move brings Pima’s total assets up to $1.5 billion.
Accordingly with regulatory approval from shareholders expected within 12 months following this announcement , plans are being made for full integration between these two organizations under guidance from PFCU experts.
